Shares of One97 Communications Ltd., parent company of payments aggregator Paytm, gained over 2% on Wednesday, October 15, after it received a double upgrade from brokerage firm Axis Capital.

Axis Capital double-upgraded the stock to "buy" from its earlier rating of "reduce", and raised its price target to ₹1,500 from ₹950 earlier. The revised price target implies a potential upside of 20% from Tuesday's closing levels. This is the joint second-highest price target that Paytm has received from analysts tracking it, following Ventura Securities' ₹2,074.

The brokerage is of the view that large merchant payment players are entering a strong earnings expansion phase, led by healthy pricing environment across online and offline merchants, improving margins, as the mix of UPI in Gross Merchand

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