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JM Financial gives 'sell' call for Paytm stocks with target price of Rs 1,240
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SME Times News Bureau | 30 Nov, 2021
Brokerage house JM Financial has given a ‘sell call for One97 Communications-owned Paytm, with a target price of Rs 1,240.
"Paytm
faces stiff challenges in its customer acquisition engine, which would
slow down its revenue growth in the core payments business while scaling
up of its related ecosystem businesses (commerce, Cloud and financial
services) leaves much to be desired," the brokerage said.
"In our
view, Paytm will need to keep funding its ‘MTU' growth and thus the
road to profitability largely relies on the growth trajectory of other
businesses," it added.
Also, Paytm will need to adapt itself to this evolving regulatory environment for digital lenders, it said.
Regulation, in its view, is likely to get more stringent than conducive.
The payment service provider company's shares were listed on the exchanges on November 18, 2021.
On
the listing day, the company's shares closed 27 per cent lower at Rs
1,564, marking a disappointing debut. The company had an offer price of
Rs 2,150.
However, lately, the company's stocks have made partial
recovery of its initial losses. On Monday, the company's shares closed
4.24 per cent lower from the previous close at Rs 1,706.
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