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PAYTM
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India's Paytm, One Mobikwik Systems fall after lower UPI incentives
** Shares of Paytm PAYT.NS fall 4.6% to 727.80 rupees, One Mobikwik Systems ONEM.NS down 5% to 316.90 rupees
** India's union cabinet approved incentive of 15 bln rupees ($174 mln) for low-value UPI transactions between April 1, 2024 to March 31, 2025
** UPI is a real-time payment system to transfer money between bank accounts
** Brokerage Jefferies said government's incentives for low-value UPI transactions are half of last year's despite rise in such transactions
** Introduction of merchant charges (MDR) on UPI transactions could help Paytm in offsetting impact from reduction in UPI incentives, Jefferies says
** Paytm set to fall after gaining for three straight sessions, down ~28% YTD
** ONEM down ~45% in 2025
($1 = 86.2220 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
** Shares of Paytm PAYT.NS fall 4.6% to 727.80 rupees, One Mobikwik Systems ONEM.NS down 5% to 316.90 rupees
** India's union cabinet approved incentive of 15 bln rupees ($174 mln) for low-value UPI transactions between April 1, 2024 to March 31, 2025
** UPI is a real-time payment system to transfer money between bank accounts
** Brokerage Jefferies said government's incentives for low-value UPI transactions are half of last year's despite rise in such transactions
** Introduction of merchant charges (MDR) on UPI transactions could help Paytm in offsetting impact from reduction in UPI incentives, Jefferies says
** Paytm set to fall after gaining for three straight sessions, down ~28% YTD
** ONEM down ~45% in 2025
($1 = 86.2220 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
Fintech firm Pine Labs is targeting India IPO in second half of 2025, CEO says
By Ashwin Manikandan and Haripriya Suresh
NEW DELHI/BENGALURU, March 18 (Reuters) - Indian fintech firm Pine Labs is planning a domestic initial public offering in the second half of 2025 and is undeterred by the current weak market conditions, chief executive Amrish Rau said.
Pine Labs, whose main backer is venture capital firm Peak XV, offers full stack payment solutions including point-of-sale machines to merchants for card payments and competes with Paytm and Walmart's WMT.N PhonePe.
India's stock markets have been performing poorly with losses of over $1 trillion in market capitalisation due to negative investor sentiment.
But Pine Labs is unfazed, and CEO Rau said: "we would want to go for an IPO in the second half of this year."
"I really shouldn't be swayed by market conditions and should be more focused on building a company which is here to last for long," he told Reuters in an interview on Monday.
"Because of markets, if the IPO timing changes, honestly, it's not going to be an earth-shattering situation. In general, I think we are ready for public markets," he added.
Pine Labs is planning a $1 billion IPO, a source with direct knowledge of the matter said, adding that it will be a mix of raising fresh capital and some existing investors selling their stakes. Rau declined to comment on the IPO size.
If the issue goes through, it would be the second largest fintech IPO in India after Paytm's $2.5 billion listing in 2021.
Last valued at $5 billion when it raised funds in 2022 and with investors including PayPal PYPL.O, Mastercard MA.N and Singapore's Temasek TEM.UL, Pine Labs is diversifying its income streams and focusing on tech solutions for banks, fintechs and corporates, Rau said.
Pine Labs is awaiting regulatory clearance to move its domicile to India.
It posted revenue of $200.4 million in 2023-24, a marginal increase from $189.72 million in 2022-23, with losses widening to $40.68 million from $27.24 million over the same period, as per its financial statements.
(Reporting by Ashwin Manikandan, Haripriya Suresh and Aditya Kalra; Editing by Muralikumar Anantharaman)
(([email protected];))
By Ashwin Manikandan and Haripriya Suresh
NEW DELHI/BENGALURU, March 18 (Reuters) - Indian fintech firm Pine Labs is planning a domestic initial public offering in the second half of 2025 and is undeterred by the current weak market conditions, chief executive Amrish Rau said.
Pine Labs, whose main backer is venture capital firm Peak XV, offers full stack payment solutions including point-of-sale machines to merchants for card payments and competes with Paytm and Walmart's WMT.N PhonePe.
India's stock markets have been performing poorly with losses of over $1 trillion in market capitalisation due to negative investor sentiment.
But Pine Labs is unfazed, and CEO Rau said: "we would want to go for an IPO in the second half of this year."
"I really shouldn't be swayed by market conditions and should be more focused on building a company which is here to last for long," he told Reuters in an interview on Monday.
"Because of markets, if the IPO timing changes, honestly, it's not going to be an earth-shattering situation. In general, I think we are ready for public markets," he added.
Pine Labs is planning a $1 billion IPO, a source with direct knowledge of the matter said, adding that it will be a mix of raising fresh capital and some existing investors selling their stakes. Rau declined to comment on the IPO size.
If the issue goes through, it would be the second largest fintech IPO in India after Paytm's $2.5 billion listing in 2021.
Last valued at $5 billion when it raised funds in 2022 and with investors including PayPal PYPL.O, Mastercard MA.N and Singapore's Temasek TEM.UL, Pine Labs is diversifying its income streams and focusing on tech solutions for banks, fintechs and corporates, Rau said.
Pine Labs is awaiting regulatory clearance to move its domicile to India.
It posted revenue of $200.4 million in 2023-24, a marginal increase from $189.72 million in 2022-23, with losses widening to $40.68 million from $27.24 million over the same period, as per its financial statements.
(Reporting by Ashwin Manikandan, Haripriya Suresh and Aditya Kalra; Editing by Muralikumar Anantharaman)
(([email protected];))
BREAKINGVIEWS-Walmart's India payments IPO looks hasty
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 10 (Reuters Breakingviews) - Walmart WMT.N is looking for a cashback too soon. The U.S. retailer is preparing a Mumbai listing of PhonePe, India's leading facilitator of consumer mobile phone-based payments. But a mooted $15 billion valuation looks punchy, and will draw unflattering comparisons to the disastrous initial public offering of Paytm-owner One 97 Communications PAYT.NS.
The Bentonville, Arkansas-based company picked up PhonePe as part of its 2018 purchase of Flipkart, a deal that valued the e-commerce rival to Amazon AMZN.O at $21 billion. The payments business emerged as a market leader, ahead of Alphabet's GOOGL.O Google Pay and smaller rival Paytm. Through India's Unified Payments Interface channel, PhonePe boasts 530 million customers and a 48% market share, equivalent to $137 billion worth of monthly transactions.
That may not justify an IPO valuation of 25 times sales for the year ended March 2024, however. The multiple is six times its top listed rival: Paytm debuted at 44 times sales in 2021 but the stock has crashed below its IPO price.
True, PhonePe is a superior business in some ways. It has a deep-pocketed American parent and none of the geopolitical worries Paytm suffers as a result of its Chinese backing. An affiliate of Ant Group, a Hangzhou-based financial firm, continues to own almost 10% of the company. PhonePe also has had less trouble with regulators than its rival.
Yet while revenue is growing quickly, PhonePe is unprofitable like Paytm despite slashing the incentives it offers to retain customers. The company generated a net loss of $134 million in the year ended March 2024, financial filings show. That is hard to reverse because New Delhi keeps fees on UPI transactions at zero and is committed to low-cost payments. The government compensates service providers but that is just 10% of PhonePe's revenue.
PhonePe can cross-sell products including consumer loans and insurance but the company could easily lose its edge in the payments market too if India implements a longstanding plan to cap the individual market share of UPI apps at 30% of overall transaction volume.
Minority investors in PhonePe may be impatient for an exit. Plus Walmart paid India about $1 billion in tax in 2022 to redomicile to the country from Singapore. But Indian investors are impatient with lossmaking companies and they will ask why Walmart is testing its luck when memories of the Paytm disaster remain so fresh, instead of waiting for its payments business to prove itself.
Follow @ShritamaBose on X
CONTEXT NEWS
Walmart-backed financial technology startup PhonePe plans to seek a valuation of up to $15 billion in an initial public offering in India, news website Moneycontrol reported on February 25, citing unnamed industry sources.
The digital payments firm is working with Kotak Mahindra Capital, JPMorgan, Citi and Morgan Stanley on the deal, the report addded.
Graphic: Paytm shares have lagged the benchmark since their debut https://reut.rs/43qwieW
(Editing by Una Galani and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 10 (Reuters Breakingviews) - Walmart WMT.N is looking for a cashback too soon. The U.S. retailer is preparing a Mumbai listing of PhonePe, India's leading facilitator of consumer mobile phone-based payments. But a mooted $15 billion valuation looks punchy, and will draw unflattering comparisons to the disastrous initial public offering of Paytm-owner One 97 Communications PAYT.NS.
The Bentonville, Arkansas-based company picked up PhonePe as part of its 2018 purchase of Flipkart, a deal that valued the e-commerce rival to Amazon AMZN.O at $21 billion. The payments business emerged as a market leader, ahead of Alphabet's GOOGL.O Google Pay and smaller rival Paytm. Through India's Unified Payments Interface channel, PhonePe boasts 530 million customers and a 48% market share, equivalent to $137 billion worth of monthly transactions.
That may not justify an IPO valuation of 25 times sales for the year ended March 2024, however. The multiple is six times its top listed rival: Paytm debuted at 44 times sales in 2021 but the stock has crashed below its IPO price.
True, PhonePe is a superior business in some ways. It has a deep-pocketed American parent and none of the geopolitical worries Paytm suffers as a result of its Chinese backing. An affiliate of Ant Group, a Hangzhou-based financial firm, continues to own almost 10% of the company. PhonePe also has had less trouble with regulators than its rival.
Yet while revenue is growing quickly, PhonePe is unprofitable like Paytm despite slashing the incentives it offers to retain customers. The company generated a net loss of $134 million in the year ended March 2024, financial filings show. That is hard to reverse because New Delhi keeps fees on UPI transactions at zero and is committed to low-cost payments. The government compensates service providers but that is just 10% of PhonePe's revenue.
PhonePe can cross-sell products including consumer loans and insurance but the company could easily lose its edge in the payments market too if India implements a longstanding plan to cap the individual market share of UPI apps at 30% of overall transaction volume.
Minority investors in PhonePe may be impatient for an exit. Plus Walmart paid India about $1 billion in tax in 2022 to redomicile to the country from Singapore. But Indian investors are impatient with lossmaking companies and they will ask why Walmart is testing its luck when memories of the Paytm disaster remain so fresh, instead of waiting for its payments business to prove itself.
Follow @ShritamaBose on X
CONTEXT NEWS
Walmart-backed financial technology startup PhonePe plans to seek a valuation of up to $15 billion in an initial public offering in India, news website Moneycontrol reported on February 25, citing unnamed industry sources.
The digital payments firm is working with Kotak Mahindra Capital, JPMorgan, Citi and Morgan Stanley on the deal, the report addded.
Graphic: Paytm shares have lagged the benchmark since their debut https://reut.rs/43qwieW
(Editing by Una Galani and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
India's Paytm drops after probe agency says co violated forex laws
** Paytm PAYT.NS slips as much as 3.3% to 702.80 rupees
** India's financial crime fighting agency says probe revealed co, units violated foreign exchange laws "to the tune of 6.11 bln rupees (~$70 mln)"
** PAYT says it is working to resolve matter in accordance with applicable laws, regulatory processes
** Stock dropped as much as 4.4% on Monday after co said it got show-cause notice from Enforcement Directorate for allegedly violating Foreign Exchange Management Act during 2015-2019
** Stock rated "hold" on avg; median PT is 950 rupees - data compiled by LSEG
** PAYT drops 29% YTD
($1 = 87.3620 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru)
** Paytm PAYT.NS slips as much as 3.3% to 702.80 rupees
** India's financial crime fighting agency says probe revealed co, units violated foreign exchange laws "to the tune of 6.11 bln rupees (~$70 mln)"
** PAYT says it is working to resolve matter in accordance with applicable laws, regulatory processes
** Stock dropped as much as 4.4% on Monday after co said it got show-cause notice from Enforcement Directorate for allegedly violating Foreign Exchange Management Act during 2015-2019
** Stock rated "hold" on avg; median PT is 950 rupees - data compiled by LSEG
** PAYT drops 29% YTD
($1 = 87.3620 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru)
India's financial crime fighting agency says Paytm violated foreign exchange rules
Adds details, background
March 3 (Reuters) - India's financial crime fighting agency said on Monday its investigation revealed that payment services provider Paytm PAYT.NS and its units had violated the country's Foreign Exchange Management Act to the tune of 6.11 billion rupees ($70.00 million).
The Enforcement Directorate (ED) said that Paytm had made a foreign investment in Singapore and did not file the necessary reporting to the Reserve Bank of India (RBI).
Paytm had also received foreign direct investment from overseas investors without following proper pricing guidelines stipulated by RBI, the ED said.
Paytm's unit, Little Internet, had also received foreign direct investment without following the pricing guidelines stipulated by the RBI, while another unit, Nearbuy India, did not report the foreign direct investment within the stipulated time frame, the agency said.
"We are working towards resolving the matter in accordance with applicable laws and regulatory processes," a Paytm spokesperson said.
On Saturday, Paytm said the ED notice has no impact on its services to its consumers and merchants.
The ED notice and allegations come as the fintech company awaits a license for payment aggregation from the RBI to accept and disburse payments online.
In January 2024, the RBI had ordered Paytm's unit Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets, citing supervisory concerns and persistent non-compliance with rules.
($1 = 87.2860 Indian rupees)
(Reporting by Sethuraman NR and Siddhi Nayak; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Adds details, background
March 3 (Reuters) - India's financial crime fighting agency said on Monday its investigation revealed that payment services provider Paytm PAYT.NS and its units had violated the country's Foreign Exchange Management Act to the tune of 6.11 billion rupees ($70.00 million).
The Enforcement Directorate (ED) said that Paytm had made a foreign investment in Singapore and did not file the necessary reporting to the Reserve Bank of India (RBI).
Paytm had also received foreign direct investment from overseas investors without following proper pricing guidelines stipulated by RBI, the ED said.
Paytm's unit, Little Internet, had also received foreign direct investment without following the pricing guidelines stipulated by the RBI, while another unit, Nearbuy India, did not report the foreign direct investment within the stipulated time frame, the agency said.
"We are working towards resolving the matter in accordance with applicable laws and regulatory processes," a Paytm spokesperson said.
On Saturday, Paytm said the ED notice has no impact on its services to its consumers and merchants.
The ED notice and allegations come as the fintech company awaits a license for payment aggregation from the RBI to accept and disburse payments online.
In January 2024, the RBI had ordered Paytm's unit Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets, citing supervisory concerns and persistent non-compliance with rules.
($1 = 87.2860 Indian rupees)
(Reporting by Sethuraman NR and Siddhi Nayak; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
REFILE-India's Paytm receives notice from financial crime fighting agency, sees no business impact
Removes extraneous word 'the' in paragraph 2
March 1 (Reuters) - India's Paytm PAYT.NS received a show cause notice from India's financial crime fighting agency on Saturday for allegedly violating the country's Foreign Exchange Management Act.
The notice relates to violations relating to the acquisition of two subsidiaries - Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019, Paytm said in a statement.
This pertains to a period when these companies were not subsidiaries of Paytm, it said.
The notice has no impact on its services to its consumers and merchants, the company added.
(Reporting by Harshita Meenaktshi and Aditi Shah; editing by David Evans)
(([email protected];))
Removes extraneous word 'the' in paragraph 2
March 1 (Reuters) - India's Paytm PAYT.NS received a show cause notice from India's financial crime fighting agency on Saturday for allegedly violating the country's Foreign Exchange Management Act.
The notice relates to violations relating to the acquisition of two subsidiaries - Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019, Paytm said in a statement.
This pertains to a period when these companies were not subsidiaries of Paytm, it said.
The notice has no impact on its services to its consumers and merchants, the company added.
(Reporting by Harshita Meenaktshi and Aditi Shah; editing by David Evans)
(([email protected];))
India Government Says DPIIT Signs MoU With Paytm
Feb 26 (Reuters) - One 97 Communications Ltd PAYT.NS:
INDIA GOVERNMENT: DPIIT SIGNS MOU WITH PAYTM
Source text: [ID:]
Further company coverage: PAYT.NS
(([email protected];))
Feb 26 (Reuters) - One 97 Communications Ltd PAYT.NS:
INDIA GOVERNMENT: DPIIT SIGNS MOU WITH PAYTM
Source text: [ID:]
Further company coverage: PAYT.NS
(([email protected];))
Walmart-backed PhonePe prepares for Indian stock market debut
MUMBAI, Feb 20 (Reuters) - Walmart WMT.N-backed Indian fintech firm PhonePe is beginning preparatory steps for a public listing on the country's stock exchanges, the company said on Thursday.
"PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing," the company said in a statement.
PhonePe, which was founded in 2016, turned a profit for the first time in fiscal year 2024, achieving a consolidated profit before the cost of employee stock options of 1.97 billion rupees, compared to a loss of 7.38 billion rupees in the previous year
Its revenue jumped 74% to over 50 billion rupees in the reporting period.
The Indian stock market saw a significant upswing for much of 2024, with many companies launching their IPOs, but a downturn since October has weighed on investor sentiment.
PhonePe, which moved its domicile to India from Singapore in October 2022, did not give a timeline for when it intends to float an initial public offering.
PhonePe is among the most widely used apps in India to make payments via India's popular unified payments interface (UPI). Its share of UPI payments stood at 48.4% in January 2025.
It has more than 590 million registered users over 40 million merchants. It processes over 310 million online transactions daily.
PhonePe's rival Paytm PAYT.NS, formally known as One97 Communications, filed for a 183-billion-rupee IPO in 2021.
Paytm was trading at 755.55 rupees per share at market close on Thursday, significantly down from its listing price of 1,950 rupees in 2021.
(Reporting by Siddhi Nayak; Editing by Tasim Zahid)
(([email protected]; x.com/siddhiVnayak;))
MUMBAI, Feb 20 (Reuters) - Walmart WMT.N-backed Indian fintech firm PhonePe is beginning preparatory steps for a public listing on the country's stock exchanges, the company said on Thursday.
"PhonePe's strong top-line and bottom-line growth across its diverse business portfolio, as detailed in its FY23-24 annual report, makes this a suitable time to prepare for a public listing," the company said in a statement.
PhonePe, which was founded in 2016, turned a profit for the first time in fiscal year 2024, achieving a consolidated profit before the cost of employee stock options of 1.97 billion rupees, compared to a loss of 7.38 billion rupees in the previous year
Its revenue jumped 74% to over 50 billion rupees in the reporting period.
The Indian stock market saw a significant upswing for much of 2024, with many companies launching their IPOs, but a downturn since October has weighed on investor sentiment.
PhonePe, which moved its domicile to India from Singapore in October 2022, did not give a timeline for when it intends to float an initial public offering.
PhonePe is among the most widely used apps in India to make payments via India's popular unified payments interface (UPI). Its share of UPI payments stood at 48.4% in January 2025.
It has more than 590 million registered users over 40 million merchants. It processes over 310 million online transactions daily.
PhonePe's rival Paytm PAYT.NS, formally known as One97 Communications, filed for a 183-billion-rupee IPO in 2021.
Paytm was trading at 755.55 rupees per share at market close on Thursday, significantly down from its listing price of 1,950 rupees in 2021.
(Reporting by Siddhi Nayak; Editing by Tasim Zahid)
(([email protected]; x.com/siddhiVnayak;))
One 97 Communications Says Unit Approves $1 Mln Investment In Seven Technology
Feb 3 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM CLOUD APPROVES USD 1 MILLION INVESTMENT IN SEVEN TECHNOLOGY LLC
PAYTM CLOUD TO ACQUIRE 25% STAKE IN SEVEN TECHNOLOGY LLC
SEVEN TECHNOLOGY, DINIE WILL BECOME ASSOCIATE ENTITIES
Source text: ID:nBSE1ZDRtg
Further company coverage: PAYT.NS
(([email protected];;))
Feb 3 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM CLOUD APPROVES USD 1 MILLION INVESTMENT IN SEVEN TECHNOLOGY LLC
PAYTM CLOUD TO ACQUIRE 25% STAKE IN SEVEN TECHNOLOGY LLC
SEVEN TECHNOLOGY, DINIE WILL BECOME ASSOCIATE ENTITIES
Source text: ID:nBSE1ZDRtg
Further company coverage: PAYT.NS
(([email protected];;))
Paytm - Resignation Of Nakul Jain, Managing Director And CEO Of Paytm Payments Services Limited
Jan 27 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - RESIGNATION OF NAKUL JAIN, MANAGING DIRECTOR AND CEO OF PAYTM PAYMENTS SERVICES LIMITED
PAYTM - JAIN HAS RESIGNED FROM HIS POSITION W.E.F. CLOSE OF BUSINESS HOURS ON MARCH 31, 2025 OR AN EARLIER MUTUALLY AGREED DATE
Source text: [https://tinyurl.com/2d8fz3n6]
Further company coverage: PAYT.NS
(([email protected];))
Jan 27 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - RESIGNATION OF NAKUL JAIN, MANAGING DIRECTOR AND CEO OF PAYTM PAYMENTS SERVICES LIMITED
PAYTM - JAIN HAS RESIGNED FROM HIS POSITION W.E.F. CLOSE OF BUSINESS HOURS ON MARCH 31, 2025 OR AN EARLIER MUTUALLY AGREED DATE
Source text: [https://tinyurl.com/2d8fz3n6]
Further company coverage: PAYT.NS
(([email protected];))
Paytm Confirms No New Notice From Enforcement Directorate
Jan 24 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM CONFIRMS NO NEW NOTICE FROM ENFORCEMENT DIRECTORATE
CONFIRM CO HAD FULLY COOPERATED WITH AUTHORITIES AND HAD COMPLIED WITH ALL THEIR DIRECTIVES
CLARIFIES NO PROBE ON COMPANY OR SUBSIDIARIES, ED’S PROBE ON THIRD-PARTY MERCHANTS
Source text: ID:nBSE7ZV16n
Further company coverage: PAYT.NS
(([email protected];;))
Jan 24 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM CONFIRMS NO NEW NOTICE FROM ENFORCEMENT DIRECTORATE
CONFIRM CO HAD FULLY COOPERATED WITH AUTHORITIES AND HAD COMPLIED WITH ALL THEIR DIRECTIVES
CLARIFIES NO PROBE ON COMPANY OR SUBSIDIARIES, ED’S PROBE ON THIRD-PARTY MERCHANTS
Source text: ID:nBSE7ZV16n
Further company coverage: PAYT.NS
(([email protected];;))
DIARY- India economic, corporate events on Jan 20
BENGALURU, Jan 20 (Reuters) - Diary of India economic, corporate events on Jan. 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
Key Speaker | Local Time | Location |
India Junior Finance Minister | 1500-1540 | Industry body PHDCCI event, New Delhi |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jan-2025 | NTS | IOBK.NS | Indian Overseas Bank | Q3 2025 Indian Overseas Bank Earnings Release |
20-Jan-2025 | NTS | CBI.NS | Central Bank of India Ltd | Q3 2025 Central Bank of India Ltd Earnings Release |
20-Jan-2025 | NTS | PAYT.NS | One 97 Communications Ltd | Q3 2025 One 97 Communications Ltd Earnings Release |
20-Jan-2025 | NTS | MCEI.NS | Multi Commodity Exchange of India Ltd | Q3 2025 Multi Commodity Exchange of India Ltd Earnings Release |
20-Jan-2025 | NTS | SUNT.NS | Sunteck Realty Ltd | Q3 2025 Sunteck Realty Ltd Earnings Release |
20-Jan-2025 | NTS | MRPL.NS | Mangalore Refinery and Petrochemicals Ltd | Q3 2025 Mangalore Refinery and Petrochemicals Ltd Earnings Release |
20-Jan-2025 | NTS | JKBK.NS | Jammu and Kashmir Bank Ltd | Q3 2025 Jammu and Kashmir Bank Ltd Earnings Release |
20-Jan-2025 | NTS | SUPI.NS | Supreme Industries Ltd | Q3 2025 Supreme Industries Ltd Earnings Release |
20-Jan-2025 | NTS | LTFL.NS | L&T Finance Ltd | Q3 2025 L&T Finance Ltd Earnings Release |
20-Jan-2025 | NTS | ZOMT.NS | Zomato Ltd | Q3 2025 Zomato Ltd Earnings Release |
20-Jan-2025 | NTS | APLA.NS | APL Apollo Tubes Ltd | Q3 2025 APL Apollo Tubes Ltd Earnings Release |
20-Jan-2025 | NTS | ICCI.NS | ICICI Securities Ltd | Q3 2025 ICICI Securities Ltd Earnings Release |
20-Jan-2025 | NTS | IDBI.NS | IDBI Bank Ltd | Q3 2025 IDBI Bank Ltd Earnings Release |
20-Jan-2025 | NTS | DIXO.NS | Dixon Technologies (India) Ltd | Q3 2025 Dixon Technologies (India) Ltd Earnings Release |
20-Jan-2025 | NTS | NEWG.NS | Newgen Software Technologies Ltd | Q3 2025 Newgen Software Technologies Ltd Earnings Release |
NTS - 'No time scheduled', AMC - 'After market close'
(Compiled by Bengaluru Newsroom)
BENGALURU, Jan 20 (Reuters) - Diary of India economic, corporate events on Jan. 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
Key Speaker | Local Time | Location |
India Junior Finance Minister | 1500-1540 | Industry body PHDCCI event, New Delhi |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jan-2025 | NTS | IOBK.NS | Indian Overseas Bank | Q3 2025 Indian Overseas Bank Earnings Release |
20-Jan-2025 | NTS | CBI.NS | Central Bank of India Ltd | Q3 2025 Central Bank of India Ltd Earnings Release |
20-Jan-2025 | NTS | PAYT.NS | One 97 Communications Ltd | Q3 2025 One 97 Communications Ltd Earnings Release |
20-Jan-2025 | NTS | MCEI.NS | Multi Commodity Exchange of India Ltd | Q3 2025 Multi Commodity Exchange of India Ltd Earnings Release |
20-Jan-2025 | NTS | SUNT.NS | Sunteck Realty Ltd | Q3 2025 Sunteck Realty Ltd Earnings Release |
20-Jan-2025 | NTS | MRPL.NS | Mangalore Refinery and Petrochemicals Ltd | Q3 2025 Mangalore Refinery and Petrochemicals Ltd Earnings Release |
20-Jan-2025 | NTS | JKBK.NS | Jammu and Kashmir Bank Ltd | Q3 2025 Jammu and Kashmir Bank Ltd Earnings Release |
20-Jan-2025 | NTS | SUPI.NS | Supreme Industries Ltd | Q3 2025 Supreme Industries Ltd Earnings Release |
20-Jan-2025 | NTS | LTFL.NS | L&T Finance Ltd | Q3 2025 L&T Finance Ltd Earnings Release |
20-Jan-2025 | NTS | ZOMT.NS | Zomato Ltd | Q3 2025 Zomato Ltd Earnings Release |
20-Jan-2025 | NTS | APLA.NS | APL Apollo Tubes Ltd | Q3 2025 APL Apollo Tubes Ltd Earnings Release |
20-Jan-2025 | NTS | ICCI.NS | ICICI Securities Ltd | Q3 2025 ICICI Securities Ltd Earnings Release |
20-Jan-2025 | NTS | IDBI.NS | IDBI Bank Ltd | Q3 2025 IDBI Bank Ltd Earnings Release |
20-Jan-2025 | NTS | DIXO.NS | Dixon Technologies (India) Ltd | Q3 2025 Dixon Technologies (India) Ltd Earnings Release |
20-Jan-2025 | NTS | NEWG.NS | Newgen Software Technologies Ltd | Q3 2025 Newgen Software Technologies Ltd Earnings Release |
NTS - 'No time scheduled', AMC - 'After market close'
(Compiled by Bengaluru Newsroom)
India's SEBI says Paytm's former compliance offiecer, directors settle for certain violations
Jan 17 (Reuters) - One 97 Communications Ltd PAYT.NS:
SETTLEMENT ORDER IN THE MATTER OF ONE97 COMMUNICATIONS
FORMER COMPLIANCE OFFIECER, DIRECTORS SETTLE WITH MARKETS REGULATOR FOR CERTAIN VIOLATIONS
Source text: [ID:]
Further company coverage: PAYT.NS
(([email protected];))
Jan 17 (Reuters) - One 97 Communications Ltd PAYT.NS:
SETTLEMENT ORDER IN THE MATTER OF ONE97 COMMUNICATIONS
FORMER COMPLIANCE OFFIECER, DIRECTORS SETTLE WITH MARKETS REGULATOR FOR CERTAIN VIOLATIONS
Source text: [ID:]
Further company coverage: PAYT.NS
(([email protected];))
India's Paytm gains after Emkay Global upgrades to 'buy'
** Shares of Paytm PAYT.NS climb ~5% to 901.70 rupees
** Brokerage Emkay Global upgrades fintech firm to "Buy" from "Add", and raises PT to 1,050 rupees from 750 rupees
** Recent approval from the country's payments regulator NPCI to sign new UPI users eases a major regulatory overhang, says Emkay
** NPCI nod for new UPI users would help PAYT to rebuild monthly transacting users' base over the next 12-18 months - Emkay
** Adds, PAYT will also be able to cross retail financial products like insurance and loans, thereby improving per user revenue
** Stock has gained ~28% since getting the nod from NPCI in October 2024
(Reporting by Kashish Tandon in Bengaluru)
** Shares of Paytm PAYT.NS climb ~5% to 901.70 rupees
** Brokerage Emkay Global upgrades fintech firm to "Buy" from "Add", and raises PT to 1,050 rupees from 750 rupees
** Recent approval from the country's payments regulator NPCI to sign new UPI users eases a major regulatory overhang, says Emkay
** NPCI nod for new UPI users would help PAYT to rebuild monthly transacting users' base over the next 12-18 months - Emkay
** Adds, PAYT will also be able to cross retail financial products like insurance and loans, thereby improving per user revenue
** Stock has gained ~28% since getting the nod from NPCI in October 2024
(Reporting by Kashish Tandon in Bengaluru)
India's Paytm drops as firm's share of UPI payments unchanged in Dec
** Shares of India's Paytm PAYT.NS slide 7% to 913 rupees
** Co's UPI market share for Dec at 6.87%, little changed from Nov's 6.94% share, NPCI data showed
** In end-Oct, the payments firm received nod to onboard new UPI users after a nearly 10-month ban
** In the six sessions so far in 2025, PAYT has lost 10%; stock surged 60% in 2024
(Reporting by Hritam Mukherjee in Bengaluru and Jaspreet Kalra in Mumbai)
(([email protected];))
** Shares of India's Paytm PAYT.NS slide 7% to 913 rupees
** Co's UPI market share for Dec at 6.87%, little changed from Nov's 6.94% share, NPCI data showed
** In end-Oct, the payments firm received nod to onboard new UPI users after a nearly 10-month ban
** In the six sessions so far in 2025, PAYT has lost 10%; stock surged 60% in 2024
(Reporting by Hritam Mukherjee in Bengaluru and Jaspreet Kalra in Mumbai)
(([email protected];))
India's MobiKwik surges 58% at pre-open
Dec 18 (Reuters) - Shares of India's MobiKwik ONEM.NS jumped 58% at pre-open in their market debut on Wednesday as investors bet on the fintech firm's prospects in the fast-growing online payments sector.
The stock listed at 440 rupees on the National Stock Exchange, compared to its offer price of 279 rupees.
MobiKwik's 5.72 billion rupee ($67 million) initial public offering (IPO) was subscribed nearly 120 times the 11.9 million shares on offer, garnering bids worth about $4.7 billion.
($1 = 84.9220 Indian rupees)
(Reporting by Nishit Navin; Editing by Sonia Cheema)
(([email protected];))
Dec 18 (Reuters) - Shares of India's MobiKwik ONEM.NS jumped 58% at pre-open in their market debut on Wednesday as investors bet on the fintech firm's prospects in the fast-growing online payments sector.
The stock listed at 440 rupees on the National Stock Exchange, compared to its offer price of 279 rupees.
MobiKwik's 5.72 billion rupee ($67 million) initial public offering (IPO) was subscribed nearly 120 times the 11.9 million shares on offer, garnering bids worth about $4.7 billion.
($1 = 84.9220 Indian rupees)
(Reporting by Nishit Navin; Editing by Sonia Cheema)
(([email protected];))
MobiKwik IPO gets bids worth $4.7 bln as investors bet on fintech growth, listing gains
IPO subscription at 119 times
Issue fully subscribed in first hour of sale on Wednesday
Institutional investors pile in on last day
Retail subscription at 135 times
Dec 13 (Reuters) - Investors flocked to India's MobiKwik's ONEM.NS $67 million IPO with bids for about 120 times the shares on offer, betting on strong listing gains and the fintech company's prospects in a booming online payments market.
The initial public offering received bids for 1.4 billion shares, worth about $4.7 billion, compared to the 11.9 million shares on offer, exchange data showed at the end of the three-day sale on Friday. The issue was fully subscribed within an hour of opening on Wednesday.
MobiKwik's IPO, which only comprised new shares issue, was the heaviest subscribed since late September, when the domestic stock market started easing from its record highs.
Millions of Indians pay online for everything from groceries to flight tickets, aiding the business of financial technology firms, popularly known as fintechs, that ranges from offering loans to running payment gateway solutions.
Paytm, Walmart-backed PhonePe and Google Pay dominate India's online payments market. Consultancy firm PwC estimates the transaction value for the market to double to 593 trillion rupees in fiscal year 2028–29 from 265 trillion rupees in 2023–24.
Shares set aside for retail investors were booked 135 times, while the institutional buyers, including foreign institutions and mutual funds, placed bids for about 120 times their reserved shares.
Analysts said the MobiKwik stock was trading at around a 50% premium in the unregulated grey market, which is considered an indicator of listing day gains. The stock is likely to start trading on Dec. 18.
MobiKwik was targeting a $256 million valuation at the upper end of the 265-279 rupees price band.
Backed by India's Bajaj Finance BJFN.NS and Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, the fintech firm had shelved its plans to go public in 2021 after Paytm's disappointing debut that year.
($1 = 84.7690 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Shilpi Majumdar)
IPO subscription at 119 times
Issue fully subscribed in first hour of sale on Wednesday
Institutional investors pile in on last day
Retail subscription at 135 times
Dec 13 (Reuters) - Investors flocked to India's MobiKwik's ONEM.NS $67 million IPO with bids for about 120 times the shares on offer, betting on strong listing gains and the fintech company's prospects in a booming online payments market.
The initial public offering received bids for 1.4 billion shares, worth about $4.7 billion, compared to the 11.9 million shares on offer, exchange data showed at the end of the three-day sale on Friday. The issue was fully subscribed within an hour of opening on Wednesday.
MobiKwik's IPO, which only comprised new shares issue, was the heaviest subscribed since late September, when the domestic stock market started easing from its record highs.
Millions of Indians pay online for everything from groceries to flight tickets, aiding the business of financial technology firms, popularly known as fintechs, that ranges from offering loans to running payment gateway solutions.
Paytm, Walmart-backed PhonePe and Google Pay dominate India's online payments market. Consultancy firm PwC estimates the transaction value for the market to double to 593 trillion rupees in fiscal year 2028–29 from 265 trillion rupees in 2023–24.
Shares set aside for retail investors were booked 135 times, while the institutional buyers, including foreign institutions and mutual funds, placed bids for about 120 times their reserved shares.
Analysts said the MobiKwik stock was trading at around a 50% premium in the unregulated grey market, which is considered an indicator of listing day gains. The stock is likely to start trading on Dec. 18.
MobiKwik was targeting a $256 million valuation at the upper end of the 265-279 rupees price band.
Backed by India's Bajaj Finance BJFN.NS and Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, the fintech firm had shelved its plans to go public in 2021 after Paytm's disappointing debut that year.
($1 = 84.7690 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Shilpi Majumdar)
MobiKwik's $67 mln India IPO fully sold in first hour as retail investors rush in
Total subscription at 3.4x three hours into 3-day sale
Retail investors bid for 14x reserved shares
Analysts see 50% listing gain
India IPO market booming, $15 bln raised in 2024 as of mid-Nov
Updates bid details in paragraph 2, background on digital payments business, analyst comment in paragraphs 4-7, 12
By Chris Thomas and Sethuraman N R
Dec 11 (Reuters) - Indian financial technology firm MobiKwik's ONEM.NS 5.72 billion-rupee ($67.4 million) IPO was fully subscribed within the first hour on Wednesday as investors bet on the company's growth in a booming domestic online payments market.
Overall subscription was 3.4 times the 11.9 million shares that MobiKwik put on offer as of 1 p.m. IST, with retail investors bidding for more than 14 times their reserved shares and non-institutional investors for thrice their portion, exchange data showed.
MobiKwik, founded over a decade ago, sold shares worth 2.57 billion rupees on Tuesday to anchor investors including Norway's wealth fund Norges, HDFC Mutual Fund and Quant Mutual Fund. Its existing investors are not selling shares.
With smartphone use booming, millions of Indians make online payments for everything from groceries to flight tickets. That has opened the door for fintech firms to operate in a consumer-facing market, including offering loans as well as run payment gateway solutions, like MobiKwik does.
The value of digital payment transactions in India is expected to double to 593 trillion rupees in fiscal year 2028–29 from 265 trillion rupees in 2023–24, according to PwC.
Analysts said a strong grey market premium for MobiKwik's shares - which indicates how the stock could perform on listing day based on trades in the unregulated market - was attracting retail investors.
"The primary reason for a quick oversubscription is a strong grey market premium of about 50% to the issue price, a good listing pop is expected" said Arun Kejriwal, founder of Kejriwal Research.
The firm is taking bids from Dec. 11-13 in a price range of 265-279 rupees per share, targetting a 21.68 billion-rupee valuation. The stock is likely to start trading on Dec. 18.
India's IPO market has boomed in 2024 despite a brief blip in stock markets in recent months, with nearly 300 companies raising over $15 billion as of mid-November, more than double of last year, data compiled by LSEG showed.
MobiKwik had filed for a 19-billion-rupee IPO in July 2021 but shelved those plans after the dismal market debut of larger rival Paytm PAYT.NS that year. It has since slashed its IPO size by 70%.
Successful listings in the technology space, including that of food delivery platform Swiggy SWIG.NS, and a revival in Paytm's shares from lows is boosting sentiment, said Kranthi Bathini, director of equity strategy at WealthMills Securities.
($1 = 84.8540 Indian rupees)
(Reporting by Chris Thomas and Nallur Sethuraman in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
Total subscription at 3.4x three hours into 3-day sale
Retail investors bid for 14x reserved shares
Analysts see 50% listing gain
India IPO market booming, $15 bln raised in 2024 as of mid-Nov
Updates bid details in paragraph 2, background on digital payments business, analyst comment in paragraphs 4-7, 12
By Chris Thomas and Sethuraman N R
Dec 11 (Reuters) - Indian financial technology firm MobiKwik's ONEM.NS 5.72 billion-rupee ($67.4 million) IPO was fully subscribed within the first hour on Wednesday as investors bet on the company's growth in a booming domestic online payments market.
Overall subscription was 3.4 times the 11.9 million shares that MobiKwik put on offer as of 1 p.m. IST, with retail investors bidding for more than 14 times their reserved shares and non-institutional investors for thrice their portion, exchange data showed.
MobiKwik, founded over a decade ago, sold shares worth 2.57 billion rupees on Tuesday to anchor investors including Norway's wealth fund Norges, HDFC Mutual Fund and Quant Mutual Fund. Its existing investors are not selling shares.
With smartphone use booming, millions of Indians make online payments for everything from groceries to flight tickets. That has opened the door for fintech firms to operate in a consumer-facing market, including offering loans as well as run payment gateway solutions, like MobiKwik does.
The value of digital payment transactions in India is expected to double to 593 trillion rupees in fiscal year 2028–29 from 265 trillion rupees in 2023–24, according to PwC.
Analysts said a strong grey market premium for MobiKwik's shares - which indicates how the stock could perform on listing day based on trades in the unregulated market - was attracting retail investors.
"The primary reason for a quick oversubscription is a strong grey market premium of about 50% to the issue price, a good listing pop is expected" said Arun Kejriwal, founder of Kejriwal Research.
The firm is taking bids from Dec. 11-13 in a price range of 265-279 rupees per share, targetting a 21.68 billion-rupee valuation. The stock is likely to start trading on Dec. 18.
India's IPO market has boomed in 2024 despite a brief blip in stock markets in recent months, with nearly 300 companies raising over $15 billion as of mid-November, more than double of last year, data compiled by LSEG showed.
MobiKwik had filed for a 19-billion-rupee IPO in July 2021 but shelved those plans after the dismal market debut of larger rival Paytm PAYT.NS that year. It has since slashed its IPO size by 70%.
Successful listings in the technology space, including that of food delivery platform Swiggy SWIG.NS, and a revival in Paytm's shares from lows is boosting sentiment, said Kranthi Bathini, director of equity strategy at WealthMills Securities.
($1 = 84.8540 Indian rupees)
(Reporting by Chris Thomas and Nallur Sethuraman in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
India's Paytm rises as unit plans to sell stock acquisition rights in PayPay Corp
** Shares of Paytm PAYT.NS rise 2.6% to 1,001.45 rupees
** The digital payments co's subsidiary One97 Communications Singapore to sell stock acquisition rights in Japan-based PayPay Corporation to SoftBank Vision Fund 2 entity for 23.64 bln rupees ($279.06 mln)
** Stock set to gain for a fifth session, if current trend holds
** PAYT stock up ~58%, YTD
($1 = 84.7140 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
** Shares of Paytm PAYT.NS rise 2.6% to 1,001.45 rupees
** The digital payments co's subsidiary One97 Communications Singapore to sell stock acquisition rights in Japan-based PayPay Corporation to SoftBank Vision Fund 2 entity for 23.64 bln rupees ($279.06 mln)
** Stock set to gain for a fifth session, if current trend holds
** PAYT stock up ~58%, YTD
($1 = 84.7140 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
Paytm To Sell Stock Acquisition Rights In PayPay To Softbank Vision Fund 2 For JPY 41.9 Bln
Dec 7 (Reuters) - ONE 97 COMMUNICATIONS:
ONE 97 COMMUNICATIONS - PAYTM SINGAPORE TO SELL STOCK ACQUISITION RIGHTS IN PAYPAY TO SOFTBANK VISION FUND 2 FOR JPY 41.9 BILLION
Source text: ID:nBSEdXSB3
Further company coverage: 9984.T
(([email protected];))
Dec 7 (Reuters) - ONE 97 COMMUNICATIONS:
ONE 97 COMMUNICATIONS - PAYTM SINGAPORE TO SELL STOCK ACQUISITION RIGHTS IN PAYPAY TO SOFTBANK VISION FUND 2 FOR JPY 41.9 BILLION
Source text: ID:nBSEdXSB3
Further company coverage: 9984.T
(([email protected];))
India's Paytm climbs on report of nearing stake sale in Japan's PayPay
** Shares of Paytm PAYT.NS jump 3% to 984.7 rupees, highest in over six weeks
** Paytm is close to finalising a $250 mln deal to sell its stake in Japan's PayPay Corp to SoftBank 9984.T, Moneycontrol reports
** Report says deal part of co's strategy to divest non-core assets, strengthen capital base, focus on scaling core payments business
** PAYT did not immediately respond to Reuters' request for comment
** As per June-qtr earnings statement, PAYT holds a 5.4% stake in PayPay
** Analysts' avg rating on PAYT is "hold", median PT is 700 rupees - LSEG data
** Stock up ~9% so far this week, extending YTD gains to ~55%
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of Paytm PAYT.NS jump 3% to 984.7 rupees, highest in over six weeks
** Paytm is close to finalising a $250 mln deal to sell its stake in Japan's PayPay Corp to SoftBank 9984.T, Moneycontrol reports
** Report says deal part of co's strategy to divest non-core assets, strengthen capital base, focus on scaling core payments business
** PAYT did not immediately respond to Reuters' request for comment
** As per June-qtr earnings statement, PAYT holds a 5.4% stake in PayPay
** Analysts' avg rating on PAYT is "hold", median PT is 700 rupees - LSEG data
** Stock up ~9% so far this week, extending YTD gains to ~55%
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
India's Paytm hits over 1-year high after UBS more than doubles PT
** Paytm PAYT.NS gains 2.6% to 942.40 rupees, highest since October 2023
** UBS Research more than doubles PT to 1,000 rupees on hopes of digital payments firm regaining customers given most regulatory issues are resolved; retains "neutral"
** Expects FY26 rev to touch FY24's 99 bln rupees ($1.17 bln), with 35% growth in payments segment on spike in monthly transactional users
** Forecasts 46% rev growth in financial services segment in FY26 on continued merchant loan disbursement ramp-up along with First Loss Default Guarantee
** Sees adjusted EBITDA turning positive in Q4 FY25 on higher revenue, declining costs
** Stock rated "hold" on avg; median PT 700 rupees - LSEG
** PAYT up ~48% YTD
($1 = 84.4680 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
** Paytm PAYT.NS gains 2.6% to 942.40 rupees, highest since October 2023
** UBS Research more than doubles PT to 1,000 rupees on hopes of digital payments firm regaining customers given most regulatory issues are resolved; retains "neutral"
** Expects FY26 rev to touch FY24's 99 bln rupees ($1.17 bln), with 35% growth in payments segment on spike in monthly transactional users
** Forecasts 46% rev growth in financial services segment in FY26 on continued merchant loan disbursement ramp-up along with First Loss Default Guarantee
** Sees adjusted EBITDA turning positive in Q4 FY25 on higher revenue, declining costs
** Stock rated "hold" on avg; median PT 700 rupees - LSEG
** PAYT up ~48% YTD
($1 = 84.4680 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
India's Paytm jumps as Bernstein hikes PT on hopes of bull scenario playing out
** Shares of Indian fintech firm Paytm PAYT.NS rise 2.7% to 836 rupees
** Bernstein hikes PT to 1,000 rupees from 750 rupees, the second-highest PT on stock; reiterates "outperform" rating- LSEG data
** In a bull case scenario, Paytm will lend partly from its own balance sheet and see improvement in payment margins, brokerage says in a note
** Adds that under the scenario, margins would approach pre-regulatory levels aided by return of products like wallets and increased adoption of credit products for UPI payments
** Expects 100% upside to its base case EPS estimates for FY30 if bull case plays out
** Avg rating of 15 analysts is a 'hold; the median PT has risen by 46% since Q2 results in October to 680 rupees - LSEG data
(Reporting by Ashna Teresa Britto in Bengaluru)
** Shares of Indian fintech firm Paytm PAYT.NS rise 2.7% to 836 rupees
** Bernstein hikes PT to 1,000 rupees from 750 rupees, the second-highest PT on stock; reiterates "outperform" rating- LSEG data
** In a bull case scenario, Paytm will lend partly from its own balance sheet and see improvement in payment margins, brokerage says in a note
** Adds that under the scenario, margins would approach pre-regulatory levels aided by return of products like wallets and increased adoption of credit products for UPI payments
** Expects 100% upside to its base case EPS estimates for FY30 if bull case plays out
** Avg rating of 15 analysts is a 'hold; the median PT has risen by 46% since Q2 results in October to 680 rupees - LSEG data
(Reporting by Ashna Teresa Britto in Bengaluru)
Paytm Says Paytm Users Can Make UPI Payments At Select International Locations
Nov 19 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - ENABLED PAYTM USERS TO MAKE UPI PAYMENTS AT SELECT INTERNATIONAL LOCATIONS
Source text: [ID:]
Further company coverage: PAYT.NS
(([email protected];;))
Nov 19 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - ENABLED PAYTM USERS TO MAKE UPI PAYMENTS AT SELECT INTERNATIONAL LOCATIONS
Source text: [ID:]
Further company coverage: PAYT.NS
(([email protected];;))
Prosus looks to list Indian payments firm PayU in 2025
By Haripriya Suresh
BENGALURU, Nov 13 (Reuters) - Dutch technology investor Prosus PRX.AS hopes to list Indian digital payments and lending firm PayU next year, its chief investment officer said on Wednesday, after clocking a $2 billion gain on its investment in another local firm Swiggy.
While Prosus hoped to list PayU by the end of 2024, it's currently "not on that path", Ervin Tu, Prosus's chief investment officer, said on a media call.
"We're late into 2024 already, but we hope that it could be a 2025 event. We're still working with the company to firm the best timing."
Prosus, which is controlled by South Africa's Naspers NPNJn.J, owns 100% of PayU.
PayU has had plans to list since late 2023, at a $5 billion to $7 billion valuation. It recently emerged from a 15-month regulatory ban on enlisting new merchants and was authorised in April to operate as a payment aggregator.
It competes with the likes of Tiger Global-backed Razorpay and Walmart WMT.N owned PhonePe PHOP.NS for its core payments operation. PayU also facilitates loans to customers and small businesses.
India, one of the fastest growing digital payments markets in the world, recorded a 44% on-year growth in retail digital transactions in FY24, while payment volume increased 20%, according to Prosus' 2024 annual report.
Tu said India is a "pillar" of the Dutch investor's strategy.
"We have great optimism about the future for India and for us."
His comments come on the heels of another portfolio company Swiggy's SWIG.NS successful market debut on Wednesday. Prosus said in a statement that it had gained $2 billion on its investment in the food and grocery delivery firm, in which it still has a 25% stake.
Last month, Prosus CEO Fabricio Bloisi said he expects more of its Indian portfolio companies to go public in the next 12 to 18 months.
It has stakes in online marketplace Meesho and home services firm Urban Company among other Indian companies.
(Reporting by Haripriya Suresh and Ashwin Manikandan; Editing by Savio D'Souza)
(([email protected];))
By Haripriya Suresh
BENGALURU, Nov 13 (Reuters) - Dutch technology investor Prosus PRX.AS hopes to list Indian digital payments and lending firm PayU next year, its chief investment officer said on Wednesday, after clocking a $2 billion gain on its investment in another local firm Swiggy.
While Prosus hoped to list PayU by the end of 2024, it's currently "not on that path", Ervin Tu, Prosus's chief investment officer, said on a media call.
"We're late into 2024 already, but we hope that it could be a 2025 event. We're still working with the company to firm the best timing."
Prosus, which is controlled by South Africa's Naspers NPNJn.J, owns 100% of PayU.
PayU has had plans to list since late 2023, at a $5 billion to $7 billion valuation. It recently emerged from a 15-month regulatory ban on enlisting new merchants and was authorised in April to operate as a payment aggregator.
It competes with the likes of Tiger Global-backed Razorpay and Walmart WMT.N owned PhonePe PHOP.NS for its core payments operation. PayU also facilitates loans to customers and small businesses.
India, one of the fastest growing digital payments markets in the world, recorded a 44% on-year growth in retail digital transactions in FY24, while payment volume increased 20%, according to Prosus' 2024 annual report.
Tu said India is a "pillar" of the Dutch investor's strategy.
"We have great optimism about the future for India and for us."
His comments come on the heels of another portfolio company Swiggy's SWIG.NS successful market debut on Wednesday. Prosus said in a statement that it had gained $2 billion on its investment in the food and grocery delivery firm, in which it still has a 25% stake.
Last month, Prosus CEO Fabricio Bloisi said he expects more of its Indian portfolio companies to go public in the next 12 to 18 months.
It has stakes in online marketplace Meesho and home services firm Urban Company among other Indian companies.
(Reporting by Haripriya Suresh and Ashwin Manikandan; Editing by Savio D'Souza)
(([email protected];))
India's Paytm extends rise as Citi, others upgrade rating, PT
** Shares of Indian fintech firm Paytm PAYT.NS rise 4% to 775.95 rupees
** Stk set for second straight sessions of gains, if trend holds
** Citi upgrades PAYT to "buy" from "sell" and doubles PT to 900 rupees
** Morgan Stanley keeps rating unchanged at "equal-weight" while raising PT by 32% to 660 rupees
** Both say regulatory risks ease after payments authority's approval to onboard new UPI customers; Citi expects monthly transacting users to bottom out in Q3
** Key growth drivers will be pick-up in new customers and merchants and speeding of merchant loan disbursals post launch of default loss guarantee model - Citi
** Six out of 14 analysts covering PAYT raised PT after the regulatory approval; avg rating at "hold" while median PT is at 550 rupees
** Stock up ~22% YTD
(Reporting by Dimpal Gulwani in Bengaluru)
** Shares of Indian fintech firm Paytm PAYT.NS rise 4% to 775.95 rupees
** Stk set for second straight sessions of gains, if trend holds
** Citi upgrades PAYT to "buy" from "sell" and doubles PT to 900 rupees
** Morgan Stanley keeps rating unchanged at "equal-weight" while raising PT by 32% to 660 rupees
** Both say regulatory risks ease after payments authority's approval to onboard new UPI customers; Citi expects monthly transacting users to bottom out in Q3
** Key growth drivers will be pick-up in new customers and merchants and speeding of merchant loan disbursals post launch of default loss guarantee model - Citi
** Six out of 14 analysts covering PAYT raised PT after the regulatory approval; avg rating at "hold" while median PT is at 550 rupees
** Stock up ~22% YTD
(Reporting by Dimpal Gulwani in Bengaluru)
Indian payments firm Paytm's shares jump as nod for new UPI users clears key risk
Updates with details throughout
Oct 23 (Reuters) - Shares of Indian fintech firm Paytm PAYT.NS jumped nearly 6% on Wednesday after the country's payments regulator allowed the company to sign new users for digital payments via UPI, which analysts said removed a key regulatory overhang.
UPI, or Unified Payments Interface, is India's home-grown real-time payments system that allows users to transfer money digitally without disclosing bank account details. It is one of the country's most popular online payment method.
The National Payments Corporation of India (NPCI) gave Paytm permission to restart onboarding new UPI customers, the company said late on Tuesday.
That was hours after it reported second-quarter results that showed it barely slowed its revenue decline as its digital payments user base dwindled since the Reserve Bank of India (RBI) ordered the winding down of Paytm's banking unit in January due to persistent compliance issues.
The NPCI approval "has significantly reduced regulatory risk" for Paytm, Morgan Stanley said.
It also "paves the way for (Paytm to) re-accelerate its dwindling user base," Emkay analysts said.
Paytm's monthly transacting users (MTU) fell to 70 million in the September quarter from 100 million in the quarter before the RBI clampdown.
Since the approval comes amid the ongoing festive season, it can also accelerate Paytm's gross merchandise value growth, Jefferies said.
To be sure, Paytm has still not cleared all regulatory hurdles. The RBI, also India's financial regulator, is yet to give the company a license for payment aggregation, a third-party service that allows businesses to accept and disburse payments online.
That is the "key remaining risk", Jefferies said.
At least nine brokerages, including Morgan Stanley and Jefferies, raised their price targets on the stock, lifting the average to about 616 rupees, per LSEG data.
However, that is still below Paytm's current price of about 727 rupees. And despite the near 6% jump on the day, the stock is still down about 4.5% since the RBI clampdown on Jan. 31.
(Reporting by Ashna Teresa Britto in Bengaluru and Siddhi Nayak in Mumbai; Editing by Savio D'Souza)
(([email protected];))
Updates with details throughout
Oct 23 (Reuters) - Shares of Indian fintech firm Paytm PAYT.NS jumped nearly 6% on Wednesday after the country's payments regulator allowed the company to sign new users for digital payments via UPI, which analysts said removed a key regulatory overhang.
UPI, or Unified Payments Interface, is India's home-grown real-time payments system that allows users to transfer money digitally without disclosing bank account details. It is one of the country's most popular online payment method.
The National Payments Corporation of India (NPCI) gave Paytm permission to restart onboarding new UPI customers, the company said late on Tuesday.
That was hours after it reported second-quarter results that showed it barely slowed its revenue decline as its digital payments user base dwindled since the Reserve Bank of India (RBI) ordered the winding down of Paytm's banking unit in January due to persistent compliance issues.
The NPCI approval "has significantly reduced regulatory risk" for Paytm, Morgan Stanley said.
It also "paves the way for (Paytm to) re-accelerate its dwindling user base," Emkay analysts said.
Paytm's monthly transacting users (MTU) fell to 70 million in the September quarter from 100 million in the quarter before the RBI clampdown.
Since the approval comes amid the ongoing festive season, it can also accelerate Paytm's gross merchandise value growth, Jefferies said.
To be sure, Paytm has still not cleared all regulatory hurdles. The RBI, also India's financial regulator, is yet to give the company a license for payment aggregation, a third-party service that allows businesses to accept and disburse payments online.
That is the "key remaining risk", Jefferies said.
At least nine brokerages, including Morgan Stanley and Jefferies, raised their price targets on the stock, lifting the average to about 616 rupees, per LSEG data.
However, that is still below Paytm's current price of about 727 rupees. And despite the near 6% jump on the day, the stock is still down about 4.5% since the RBI clampdown on Jan. 31.
(Reporting by Ashna Teresa Britto in Bengaluru and Siddhi Nayak in Mumbai; Editing by Savio D'Souza)
(([email protected];))
India's Paytm gets approval from payments authority to enroll new UPI users
Oct 22 (Reuters) - India's Paytm PAYT.NS said late on Tuesday it received approval from the country's payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.
The National Payments Corporation of India (NPCI) granted its approval following a request by the company in August, Paytm said.
The country's financial regulator wound down Paytm's banking unit in January due to persistent compliance issues, sparking worries about its key digital payments business and triggering a meltdown in its stock value.
Paytm shares have lost around 10% since the central bank clampdown on Jan. 31.
Earlier in the day, shares of the company shed more than 5% after it reported a 34% decline in revenue and a 25% drop in monthly transacting users for September quarter.
(Reporting by Sameer Manekar in Bengaluru; Editing by Vijay Kishore)
(([email protected]; Twitter: https://twitter.com/sameer_manekar))
Oct 22 (Reuters) - India's Paytm PAYT.NS said late on Tuesday it received approval from the country's payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.
The National Payments Corporation of India (NPCI) granted its approval following a request by the company in August, Paytm said.
The country's financial regulator wound down Paytm's banking unit in January due to persistent compliance issues, sparking worries about its key digital payments business and triggering a meltdown in its stock value.
Paytm shares have lost around 10% since the central bank clampdown on Jan. 31.
Earlier in the day, shares of the company shed more than 5% after it reported a 34% decline in revenue and a 25% drop in monthly transacting users for September quarter.
(Reporting by Sameer Manekar in Bengaluru; Editing by Vijay Kishore)
(([email protected]; Twitter: https://twitter.com/sameer_manekar))
FACTBOX-Indian central bank's restrictions on financial firms amid increased scrutiny
Updates Factbox published on May 30 with recent RBI actions
By Jaspreet Kalra and Siddhi Nayak
MUMBAI, Oct 18 (Reuters) - The Reserve Bank of India's (RBI) increased scrutiny of banks and other financial firms has resulted in a spate of supervisory restrictions, most recently on four non-banking finance companies due to concerns related to loan pricing practices.
On Thursday, the RBI said Asirvad Micro Finance, Arohan Financial Services, DMI Finance and Navi Finserv are restricted from sanctioning and disbursing loans post Oct. 21.
The pricing policies of these non-banking financial companies (NBFC) and the interest spread they charged over their cost of funds were found to be excessive and not in adherence to regulations, the RBI said.
Since 2020, the RBI has placed business restrictions on many players. The following are some of its key actions:
HDFC BANK
In December 2020, the RBI ordered HDFC Bank to stop all launches of new digital products and issuance of new credit cards following multiple outages on the bank's digital banking channels.
The restrictions lasted until March 2022, which hindered the bank's business growth, contributing to underperformance of its stock compared to its peers.
BANK OF BARODA
In October 2023, the central bank barred state-run Bank of Baroda from adding customers to its mobile app, India's retail inflation accelerated to a nine-month high of 5.49% in September.
Al Jazeera reported that Bank of Baroda had linked mobile numbers of strangers to boost registrations on the application, compromising security.
The restriction was lifted in May after the bank rectified the deficiencies.
BAJAJ FINANCE
In November 2023, the RBI ordered India's largest NBFC, Bajaj Finance, to stop offering loans under two of its lending products.
The restrictions were levied due to non-adherence with the central bank's digital lending guidelines and were reversed in May.
PAYTM PAYMENTS BANK
At the end of January 2024, the RBI asked Paytm Payments Bank to wind down its operations by March 15 due to persistent compliance issues and supervisory concerns.
Reuters reported that the RBI's concerns stemmed largely from violations of rules on customer due diligence, use of funds and technology infrastructure.
IIFL FINANCE
In early March 2024, the RBI barred IIFL Finance, an NBFC, from offering gold loans, citing concerns about the lender's assessment of the gold collateral and violations of the maximum permitted loan-to-value ratio, among other issues.
The restrictions were lifted in September.
JM FINANCIAL
Also in March 2024, NBFC JM Financial was barred from giving out loans against shares and debentures due to regulatory violations and governance concerns.
The central bank said it found serious deficiencies in respect of loans sanctioned by the company for IPO financing. The non-bank lender continues to be barred from operating in the segment.
KOTAK MAHINDRA BANK:
In April, the RBI asked private lender Kotak Mahindra Bank to stop adding clients digitally and issuing credit cards citing to gaps in its IT infrastructure. The restrictions are still in effect.
EDELWEISS ASSET RECONSTRUCTION, ECL FINANCE:
In May, the RBI had barred Edelweiss Asset Reconstruction Co Ltd (EARCL) and non-banking firm ECL Finance (ECL) from acquiring financial assets or undertaking structured transactions, saying that the two entities engaged in "evergreening" distressed loans.
The restrictions continue to be in effect.
(Reporting by Jaspreet Kalra and Siddhi Nayak; Editing by Nivedita Bhattacharjee and Sonia Cheema)
(([email protected]; +91-8769636545;))
Updates Factbox published on May 30 with recent RBI actions
By Jaspreet Kalra and Siddhi Nayak
MUMBAI, Oct 18 (Reuters) - The Reserve Bank of India's (RBI) increased scrutiny of banks and other financial firms has resulted in a spate of supervisory restrictions, most recently on four non-banking finance companies due to concerns related to loan pricing practices.
On Thursday, the RBI said Asirvad Micro Finance, Arohan Financial Services, DMI Finance and Navi Finserv are restricted from sanctioning and disbursing loans post Oct. 21.
The pricing policies of these non-banking financial companies (NBFC) and the interest spread they charged over their cost of funds were found to be excessive and not in adherence to regulations, the RBI said.
Since 2020, the RBI has placed business restrictions on many players. The following are some of its key actions:
HDFC BANK
In December 2020, the RBI ordered HDFC Bank to stop all launches of new digital products and issuance of new credit cards following multiple outages on the bank's digital banking channels.
The restrictions lasted until March 2022, which hindered the bank's business growth, contributing to underperformance of its stock compared to its peers.
BANK OF BARODA
In October 2023, the central bank barred state-run Bank of Baroda from adding customers to its mobile app, India's retail inflation accelerated to a nine-month high of 5.49% in September.
Al Jazeera reported that Bank of Baroda had linked mobile numbers of strangers to boost registrations on the application, compromising security.
The restriction was lifted in May after the bank rectified the deficiencies.
BAJAJ FINANCE
In November 2023, the RBI ordered India's largest NBFC, Bajaj Finance, to stop offering loans under two of its lending products.
The restrictions were levied due to non-adherence with the central bank's digital lending guidelines and were reversed in May.
PAYTM PAYMENTS BANK
At the end of January 2024, the RBI asked Paytm Payments Bank to wind down its operations by March 15 due to persistent compliance issues and supervisory concerns.
Reuters reported that the RBI's concerns stemmed largely from violations of rules on customer due diligence, use of funds and technology infrastructure.
IIFL FINANCE
In early March 2024, the RBI barred IIFL Finance, an NBFC, from offering gold loans, citing concerns about the lender's assessment of the gold collateral and violations of the maximum permitted loan-to-value ratio, among other issues.
The restrictions were lifted in September.
JM FINANCIAL
Also in March 2024, NBFC JM Financial was barred from giving out loans against shares and debentures due to regulatory violations and governance concerns.
The central bank said it found serious deficiencies in respect of loans sanctioned by the company for IPO financing. The non-bank lender continues to be barred from operating in the segment.
KOTAK MAHINDRA BANK:
In April, the RBI asked private lender Kotak Mahindra Bank to stop adding clients digitally and issuing credit cards citing to gaps in its IT infrastructure. The restrictions are still in effect.
EDELWEISS ASSET RECONSTRUCTION, ECL FINANCE:
In May, the RBI had barred Edelweiss Asset Reconstruction Co Ltd (EARCL) and non-banking firm ECL Finance (ECL) from acquiring financial assets or undertaking structured transactions, saying that the two entities engaged in "evergreening" distressed loans.
The restrictions continue to be in effect.
(Reporting by Jaspreet Kalra and Siddhi Nayak; Editing by Nivedita Bhattacharjee and Sonia Cheema)
(([email protected]; +91-8769636545;))
Paytm Names Deependra Singh Rathore As CTO - Payments
Oct 4 (Reuters) - One 97 Communications Ltd PAYT.NS:
NAMES DEEPENDRA SINGH RATHORE AS CTO - PAYMENTS
Source text for Eikon: ID:nBSES6LrZ
Further company coverage: PAYT.NS
(([email protected];;))
Oct 4 (Reuters) - One 97 Communications Ltd PAYT.NS:
NAMES DEEPENDRA SINGH RATHORE AS CTO - PAYMENTS
Source text for Eikon: ID:nBSES6LrZ
Further company coverage: PAYT.NS
(([email protected];;))
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What does One97 Communications do?
One 97 Communications Limited, operating as Paytm, is a prominent digital ecosystem in India, providing a wide range of payment, commerce, cloud, and financial services to consumers and merchants, with a focus on technology-driven solutions.
Who are the competitors of One97 Communications?
One97 Communications major competitors are PB Fintech, FSN E-Commerce, Infibeam Avenues, Dhani Services, Algoquant Fintech, Niyogin Fintech, Digispice Technolog. Market Cap of One97 Communications is ₹54,150 Crs. While the median market cap of its peers are ₹3,812 Crs.
Is One97 Communications financially stable compared to its competitors?
One97 Communications seems to be less financially stable compared to its competitors. Altman Z score of One97 Communications is 10.04 and is ranked 4 out of its 8 competitors.
Does One97 Communications pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. One97 Communications latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has One97 Communications allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress, Inventory, Accounts Receivable, Short Term Loans & Advances
How strong is One97 Communications balance sheet?
Balance sheet of One97 Communications is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of One97 Communications improving?
Yes, profit is increasing. The profit of One97 Communications is -₹428.1 Crs for TTM, -₹1,417 Crs for Mar 2024 and -₹1,775.9 Crs for Mar 2023.
Is the debt of One97 Communications increasing or decreasing?
Yes, The debt of One97 Communications is increasing. Latest debt of One97 Communications is -₹5,029 Crs as of Sep-24. This is greater than Mar-24 when it was -₹10,492.4 Crs.
Is One97 Communications stock expensive?
There is insufficient historical data to gauge this. Latest PE of One97 Communications is 0
Has the share price of One97 Communications grown faster than its competition?
One97 Communications has given better returns compared to its competitors. One97 Communications has grown at ~8.97% over the last 3yrs while peers have grown at a median rate of -2.92%
Is the promoter bullish about One97 Communications?
There is Insufficient data to gauge this.
Are mutual funds buying/selling One97 Communications?
The mutual fund holding of One97 Communications is increasing. The current mutual fund holding in One97 Communications is 13.11% while previous quarter holding is 11.2%.