Paytm share price surges 8%; brokerages remain upbeat about the stock

Shares of One 97 Communications (Paytm) surged over 8 per cent in intraday trade on BSE on Thursday (June 8), looking set to extend their gains into the second consecutive session.

The stock opened at ₹735.50 against the previous close of ₹727 and rose 8 per cent to hit the intraday high of ₹785.50.

The stock has been witnessing buying after it reported healthy growth in key business parameters for the current quarter.

Paytm, in a BSE filing on Monday (June 5), said it continued witnessing the expansion of the consumer base with average monthly transacting users (MTU) at 9.2 crore for the quarter to date (average for April and May 2023), up 24 per cent year-on-year (YoY).

Besides, it said its leadership in payment monetisation continued in May, as subscription devices for payment devices like Soundbox and POS machines continued witnessing increased acceptance by merchants.