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regular-article-logo Tuesday, 05 March 2024

Shares of One97 Communications jump 5 per cent

Share settles at 723.60, up 4.95 per cent, or Rs 34.15, over the previous close of Rs 689.45 on the BSE

Our Special Correspondent Mumbai Published 09.05.23, 04:12 AM
Representational image.

Representational image. File photo

Shares of One97 Communications, the Paytm parent, rose almost 5 per cent on Monday after the company’s losses narrowed to Rs 167.5 crore in the fourth quarter ended March 31 and brokerages struck a positive tone on its road ahead.

The share settled at 723.60, up 4.95 per cent, or Rs 34.15, over the previous close of Rs 689.45 on the BSE.

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The consolidated loss of Rs 167.5 crore is down sharply from Rs 762.5 crore in the same period of the last year. Consolidated revenue grew 51.5 per cent to Rs 2,334.5 crore from Rs 1,540.9 crore in the year-ago period.

One97 Communications said the 51 per cent growth was driven by an increase in GMV (gross merchandise value), higher merchant subscription revenues, and growth in loans distributed through its platform.

While the share trades at a discount of nearly 66 per cent to its IPO price of Rs 2,150 per share, it has gained by more than 10 per cent in the last one month.

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