Paytm hits 52-week high as Bernstein initiates coverage; pares gains later

Shares of One97 Communications-owned Paytm gained 2.7 per cent and hit a fresh 52-week high of Rs 931 per share on the BSE in Thursday’s intra-day trade after brokerage firm Bernstein initiated coverage on the stock with an ‘Outperform’ rating.

The shares, however, erased all the gains later and were up just 0.1 per cent at Rs 906.5 per share at 1:45 PM. By comparison, the benchmark S&P BSE Sensex was down 0.13 per cent at 65,349 level.

According to the brokerage, Paytm has showing early signs of an edge in digital lending, achieved by leveraging digital payment platforms. “This puts Paytm on the right side of disruption,” it said in a report dated August 24.