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Paytm market cap nears $2.5 billion as shares continue to tumble
Economic Times
·
1y ago
Medial
On Tuesday, the market capitalisation of One 97 Communications, the parent company of Paytm, fell by 3.5% as its shares continued to decline. This comes after the recent resignation of the company's COO and president. Paytm's share price has been struggling since its initial public offering (IPO) in 2021, when it was valued at $20 billion, but has since fallen to $13 billion. The Reserve Bank of India's actions against Paytm Payments Bank and recent leadership changes have also impacted the company's stock performance.
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New-Age Tech Stocks’ M-Cap Surges $5 Bn, FirstCry & Eternal Gain Big
Inc42
·
1m ago
Medial
The Indian equity market experienced a strong rally, contributing to a $5 billion increase in the market capitalization of 33 new-age tech stocks under Inc42’s coverage. This brought their cumulative market value to $91.07 billion. The surge was partly due to the Reserve Bank of India's repo rate cut by 50 basis points. FirstCry's shares gained significantly, rising 18.73% this week despite recent losses, with its market cap reaching $2.5 billion.
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Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders
Inc42
·
1y ago
Medial
Shares of fintech major Paytm dropped by 5% to INR 317.45 on May 8th, hitting a 52-week low and resulting in a market cap of $2.41 billion. This decline follows the recent departures of key leaders, including the COO, CMO, and CEO of Paytm Payments Bank. Paytm has been dealing with increased volatility since the Reserve Bank of India's clampdown on certain operations of its payments bank business in January. Founder and CEO Vijay Shekhar Sharma is now taking charge of key verticals as the company grapples with these challenges.
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Paytm’s UPI Transactions Drop Further In March; PhonePe, GPay Log Gains
Inc42
·
1y ago
Medial
Paytm, one of India's leading digital payment companies, experienced a marginal decline in its UPI transactions in March, processing around 1.2 billion transactions. Meanwhile, competitors PhonePe and Google Pay saw an increase in transaction volume. PhonePe recorded 6.5 billion transactions, while Google Pay processed 5 billion transactions. Cred, ranking as the fourth largest UPI app, reported 132 million transactions in March. Paytm has been losing market share in UPI and recently transferred its UPI payments to several major banks. NPCI is monitoring market share dynamics and plans to implement a cap on single payment app market share at 30% by year-end.
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AMD shares tumble as CEO forecasts declining data center sales
Economic Times
·
5m ago
Medial
AMD's quarterly results surpassed expectations, yet shares fell 10% as investors were unimpressed, hoping for gains against Nvidia in AI processors. AMD reported $3.9 billion in data center revenue, missing the $4.15 billion estimate, and CEO Lisa Su forecasted a 7% decline in this segment for the current quarter. AMD faces challenges from tech giants like Microsoft and Meta, which are developing custom AI chips, while Nvidia retains a dominant market share due to its proprietary CUDA software.
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Broader Market Bull Run Lifts Up New-Age Tech Stocks This Week, RateGain Nears $1 Bn M-Cap
Inc42
·
1y ago
Medial
The broader market bull run has positively impacted new-age tech stocks this week, with 13 out of 19 stocks under Inc42's coverage showing gains ranging from 1% to 15%. Tracxn Technologies emerged as the top gainer with a 14.8% increase in shares. On the flip side, Paytm continued to decline, falling by over 7% this week. Delhivery also saw a decline of over 7%. Benchmark indices Sensex and Nifty50 both experienced gains of 2.4% and 2.3% respectively. SoftBank also offloaded a significant portion of its stake in PB Fintech, and shares of Paytm and Delhivery reached their lowest levels in months.
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Paytm shares tumble 10% as government dismisses MDR reports
YourStory
·
1m ago
Medial
Shares of One97 Communications, Paytm’s parent company, fell 10% after the Finance Ministry dismissed rumors of reintroducing merchant discount rates (MDR) on UPI transactions. The government emphasized its commitment to zero MDR since January 2020 to promote digital payments. Industry bodies had proposed introducing MDR on large merchants, but the ministry labeled such claims as false and misleading. Paytm recently enhanced its UPI service by allowing personalized IDs for improved user privacy and security.
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Paytm slumps another 20% after RBI clampdown on payments bank
VCCircle
·
1y ago
Medial
Shares of Paytm, the Indian digital payments firm, plunged 20% after the Reserve Bank of India (RBI) ordered its payments bank to stop accepting new deposits. Despite attempts by Paytm to reassure users, investor sentiment remained negative. The company's CEO, Vijay Shekhar Sharma, stated that the app would continue to work as usual and that they were committed to serving the nation in full compliance. Paytm shares are down 36% this week.
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Paytm Removed From MSCI India Index Amid Declining Market Cap, PB Fintech Added
Inc42
·
1y ago
Medial
Paytm's parent company, One 97 Communications, has been removed from the MSCI India Index after its market capitalization dropped by over half to $2.6 billion. This comes following the RBI's regulatory crackdown on Paytm Payments Bank. Meanwhile, PB Fintech, the parent company of Policybazaar, has seen an increase of 60% in market valuation so far this year and has been added to the MSCI India Index. Paytm has also been added to the MSCI India Domestic Small Cap Index, reflecting changes in its market capitalization.
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Meta is approaching a $1 trillion market cap after Mark Zuckerberg's 'Year of Efficiency'
Business Insider
·
1y ago
Medial
Shares of Meta Platforms are nearing a market cap of $1 trillion after a successful "Year of Efficiency." The company's stock gained 200% in 2023, placing its market cap at $966.60 billion, just $33.4 billion shy of the milestone. If achieved, Meta will join the ranks of other tech giants such as Microsoft, Apple, Alphabet, Amazon, and Nvidia. However, Meta previously reached the $1 trillion mark in 2021 but suffered a significant stock price decline in 2022. Despite challenges, Meta's efforts to cut costs and improve efficiency have paid off, reflected in their strong earnings and substantial stock gains in 2023.
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Paytm hits lower circuit for third straight session, wipes out $2.5 bn in market cap
VCCircle
·
1y ago
Medial
Indian digital payments firm Paytm has seen its shares drop for a third consecutive session, resulting in a $2.5 billion decrease in market value. This decline follows a regulatory crackdown by the Reserve Bank of India (RBI) last week, which led to uncertainty surrounding Paytm's business operations. The RBI instructed Paytm Payments Bank to cease accepting fresh deposits in its accounts and digital wallets from March. The RBI alleged non-compliance with regulations related to customer due diligence, use of funds, and technology infrastructure. Paytm's stock fell by 10% on the Bombay Stock Exchange, reaching a record low. The RBI has passed information to the Enforcement Directorate, hinting at concerns of potential money laundering activities.
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