Paytm shares gain 4% amid launch of this new device

Shares of Paytm listed as One 97 Communications Ltd gained 4% in early deals on Tuesday after the Vijay Shekhar Sharma-led firm said it has launched country’s first NFC Card Soundbox, a two-in-one mobile QR payment device. The device will serve as an affordable card payments machine for millions of offline merchants.

Paytm shares gained 4.01% to Rs 513 against the previous close of Rs 493.20 on BSE. Market cap of Paytm rose to Rs 31,982 crore on BSE. Total 1.50 lakh shares of the firm changed hands amounting to a turnover of Rs 7.55 crore. The stock fell to a 52-week low of Rs 310 on May 9, 2024 and a 52 week high of Rs 998.30 on October 20, 2023.

The stock has lost 34.09% in a year and fallen 22.14 per cent in 2024.  

The stock has a beta of 0.4, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Paytm stands at 65, signaling it's trading neither in the oversold nor in the overbought territory. Shares of Paytm are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day but lower than 200 day moving averages.  

This next-generation payment device combines NFC technology with mobile QR payments, offering an affordable device for card payments to millions of offline merchants. Paytm's new NFC Card Soundbox marks the next chapter in mobile payments with NFC card payment technology.

With an improved and longer-lasting battery life of up to 10 days, merchants can benefit from the Paytm NFC Card Soundbox without frequent charging. In addition to its core features of instant audio confirmation and a display screen for transaction amounts, this innovation helps merchants streamline their day-to-day transactions, making their business operations more efficient and cost-effective.