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Hot Pursuit
22-Aug-23
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Paytm's AI investment plans drive stock gains, aims payment tech leadership
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One 97 Communications (Paytm) rose 2.80% to Rs 861.35 after the company said that Paytm is investing in AI with an eye on building Artificial General Intelligence software stack.
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In its letter to shareholders, Paytm highlighted its aims to leverage India's tech capabilities and create technology that can be utilized globally. Paytm said it played a pioneering role in mobile payments, driving mass adoption with QR codes and Soundbox. The company envisions a future with 500 million payment consumers and 100 million merchants, while also expanding into areas like health and retail. Paytm aims to be a leader in payment technology and believes in extending financial services like loans and insurance to benefit 500 million Indians. The company is focused on building advanced AI capabilities to manage risks and frauds, while complying with regulatory guidelines. Paytm's partnership with PayPay Japan and the possibilities of the Open Network of Digital Commerce (ONDC) initiative add to its growth prospects. The company said it remains committed to serving India and building a profitable business.
Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce.
The company reported reported a consolidated net loss of Rs 357 crore in Q1 FY24 as against a net loss of Rs 644.40 crore in Q1 FY23. Revenue from operations jumped 39.4% YoY to Rs 2,341.60 crore in Q1 FY24. Paytm's lending business witnessed a 148% year on year growth in disbursement to Rs 5,194 crore ($632 million) in the month of July 2023. For the month of July 2023, the number of loans disbursed jumped 46% year on year to 43 lakh.
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Previous News |
Indices trade near day’s low; European mkt decline
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Market Commentary
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Mid-Session
19-Jul-24
13:35
)
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One 97 Communications reports consolidated net loss of Rs 838.90 crore in the June 2024 quarter
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Results
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Announcements
19-Jul-24
11:47
)
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Indices trade with modest gains; VIX slides 3.68%
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Market Commentary
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Mid-Session
13-Jun-24
12:35
)
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Paytm shifts nodal account to Axis Bank; soundbox, card machines to work beyond Mar 15
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Hot Pursuit
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17-Feb-24
16:27
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One 97 Communications partners with Axis Bank
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Corporate News
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17-Feb-24
11:11
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Samsung India partners with Paytm
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Corporate News
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13-Jun-24
09:14
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Paytm spurts on partnership with Samsung
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Hot Pursuit
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13-Jun-24
11:08
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One 97 Communications reports consolidated net loss of Rs 290.50 crore in the September 2023 quarter
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Results
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Announcements
26-Oct-23
14:49
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One 97 Communications Ltd leads losers in 'A' group
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Hot Pursuit
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08-Feb-24
15:00
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One 97 Communications allots 48,495 equity shares under ESOP
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Corporate News
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05-Sep-23
08:58
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Paytm Q1 net loss narrows to Rs 357 cr
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Hot Pursuit
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22-Jul-23
13:05
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