Shares of One 97 Communications Limited (Paytm’s parent company) saw a rise of more than 2% on Friday. The company’s stock closed at Rs 975.35 with a gain of 2.04%. During trading, the company’s stock reached its one-year i.e. 52-week high of Rs 990.90. The company’s stock has gained 7.71% in the last five days. The stock has risen 22.27% in the last one month and 181.36% in six months. At the same time, it has risen 20% in the last one year. The company’s stock has risen 51% since January this year. The company’s market cap is Rs 62.19 thousand crores. Today, this jump in the share price came when the news came that the domestic fintech company could sell its stake in Japan’s PayPay to SoftBank for $250 million i.e. Rs 2,117 crore. BSE and NSE have sought clarification from Paytm on this report. In the BSE filing, the company said that the exchange is awaiting a reply. Paytm got approval to add new UPI users Last month, Paytm was approved by NPCI to add new UPI users. Earlier this year, RBI had banned Paytm Payments Bank from adding new UPI users on the Paytm app. This ban was imposed for not following the rules. Paytm’s UPI service was powered by Paytm Payments Bank and after RBI’s action, the company had to partner with other banks to continue the UPI service. Vijay Shekhar Sharma had demanded the removal of the ban Paytm founder Vijay Shekhar Sharma had on August 1 demanded the removal of these restrictions from NPCI. NPCI’s approval will help Paytm increase its user base. Paytm earns net profit of ?930 crore in second quarter Paytm’s parent company One 97 Communications has reported a net profit of ?930 crore in the second quarter of FY 2024-25, as against a loss of ?290.5 crore in the same period last year. The company’s net profit got a one-time contribution of ?1,345 crore. Excluding the amount received from the sale of movie ticketing business, Paytm has incurred a loss of ?415 crore in this quarter, which is more than the loss recorded in the same quarter last year. The company released the results for Q2FY25 i.e. July-September on 22 October. Operational revenue decreased by 34% on year-on-year basis In Q2FY25, the company’s operational revenue declined by 34% as compared to last year from ?2,519 crore to ?1,660 crore. Rs 1,345 crore received by selling movie ticketing business Paytm recently sold its movie ticketing business to Zomato. Due to the Rs 1,345 crore received from this, Paytm has earned a net profit of Rs 930 crore. Cash transaction was approved by the boards of Zomato and Paytm on 21 August (Wednesday). By selling this, Paytm wants to focus on its core financial services. Paytm was started in 2009 Paytm’s parent company One97 Communications launched the Paytm payment app in August 2009. Its founder is Vijay Shekhar Sharma. Currently, Paytm has more than 30 crore users in the country. The market cap of Paytm is around Rs 28 thousand crore.
