Shares of One97 Communications, the parent company of Paytm, extended their positive momentum for the fourth consecutive session. The stock soared more than 4% intra-day basis on Wednesday March 20, hitting day high of Rs 425.70 on the NSE, buoyed by robust trading volumes.
The gains came in the wake of the National Payments Corporation of India (NPCI) granting approval for Paytm to operate within the Unified Payments Interface (UPI) framework as a third-party application provider (TPAP) under the multi-bank model.
Morgan Stanley, a prominent global brokerage firm, reiterated its ‘Equal-Weight’ rating on the stock, maintaining a price target of Rs 555 per share in light of this development.
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