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Paytm stock climbs 3% on 471% growth in lending business

Paytm stock climbs 3% on 471% growth in lending business

Paytm stock touched an intraday high of Rs 624, rising 2.9 per cent against the previous close of Rs 606.40 on BSE.

Paytm stock is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.  Paytm stock is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

Shares of Paytm (listed as One97 Communications) rose 3 per cent today after the firm said its lending business saw a massive 471 per cent year-on-year (YoY) growth during the two months ended May 2022. Paytm stock touched an intraday high of Rs 624, rising 2.9 per cent against the previous close of Rs 606.40 on BSE.

The large cap stock is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.  However, the stock has lost 53.61 per cent in 2022 but risen 13.99 per cent in a month.

Market cap of Paytm rose to Rs 40,121 crore on BSE.

Total 0.96 lakh shares of the firm changed hands amounting to a turnover of Rs 5.94 crore. The stock hit a 52-week high of Rs 1961.05 on November 18, 2021 and a 52-week low of Rs 511 on May 12, 2022.

 Also read: Paytm begins charging convenience fee for prepaid mobile recharges; details here

The number of loans disbursed through the company's platform zoomed 471 per cent YoY to 5.5 million loans in two months ended May 2022, while the value of loans disbursed grew 829 per cent y-o-y to Rs 3,576 crore ($476 million).

The merchant gross merchandise value (GMV) processed through the platform for the two months ended May 2022 aggregated to approximately Rs 1.96 lakh crore ($26.2 billion), marking a YoY growth of 105 per cent.

Meanwhile, the Vijay Shekhar Sharma-led firm reported a loss of Rs 763 crore for the quarter ended March 31, 2022 against a loss of Rs 778.5 crore in the December quarter and Rs 444 crore in the year-ago period.

However, revenue from operations zoomed 89 per cent YoY to Rs 1,540.9 crore in Q4 as compared with Rs 815.3 crore in the corresponding quarter last year.