Paytm jumps 8% after BofA Securities upgrades stock to buy

Paytm’s shares rose 8% to reach INR 786 ($10.58) after Bank of America Securities upgraded the stock to “buy”, raising its target up to INR 885, stating strong revenue growth and Paytm’s advantageous position in the SME merchant landscape as reasons. The fintech giant saw a 54% rise in its shares in the past six months. Paytm disbursed loans worth INR 5502 crore ($666m) through its platform in May, a YoY increase of 169% in value terms, with plans to onboard three to four lending partners in FY24.