NSE₹₹₹₹₹₹₹Shares of One97 Communications Ltd., the parent company of digital payments firm, Paytm ended 5% higher today.
Paytm will now focus on the insurance distribution portfolio built by Paytm Insurance Broking Private Limited (PIBPL), moving away from making its own general insurance products for users.Paytm General Insurance Limited (PGIL), a subsidiary of One97 Communications, has retracted its application for registration as a general insurance company from the Insurance Regulatory and Development Authority of India (IRDAI).The move will enable One97 Communications Limited (OCL) to save950 crore, which was designated for investment in PGIL, according to the company.In May 2022, the board of One 97 Communications Ltd had approved a proposal to raise the company's stake in PGIL to 74% from 49% and subsequently apply for a general insurance licence.
The remaining stake is held by founder Vijay Shekhar Sharma-owned VSS Holdings Pvt Ltd.Paytm reported its losses widening to550 crore in the March 2024 quarter, compared to169 crore in the same quarter last year.
Its revenue from operations in the quarter declined 3% year-on-year to2,267 crore, down from2,334 crore in the same quarter a year ago.The March quarter saw partial impact of the Reserve Bank of India's action against Paytm Payments Bank on One 97 Communications' financials.Paytm shares hit upper circuit of 5% at357.95 today against the previous close of340.90 on the NSE.The stock has declined nearly 50% over the last 12 months and is down 45% in 2024.
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Shares of One97 Communications Ltd., the parent company of digital payments firm, Paytm ended 5% higher today. Paytm will now focus on the insurance distribution portfolio built by Paytm Insurance Broking Private Limited (PIBPL), moving away from making its own general insurance products for users.Paytm General Insurance Limited (PGIL), a subsidiary of One97 Communications, has retracted its application for registration as a general insurance company from the Insurance Regulatory and Development Authority of India (IRDAI).The move will enable One97 Communications Limited (OCL) to save950 crore, which was designated for investment in PGIL, according to the company.In May 2022, the board of One 97 Communications Ltd had approved a proposal to raise the company's stake in PGIL to 74% from 49% and subsequently apply for a general insurance licence. The remaining stake is held by founder Vijay Shekhar Sharma-owned VSS Holdings Pvt Ltd.Paytm reported its losses widening to550 crore in the March 2024 quarter, compared to169 crore in the same quarter last year. Its revenue from operations in the quarter declined 3% year-on-year to2,267 crore, down from2,334 crore in the same quarter a year ago.The March quarter saw partial impact of the Reserve Bank of India's action against Paytm Payments Bank on One 97 Communications' financials.Paytm shares hit upper circuit of 5% at357.95 today against the previous close of340.90 on the NSE.The stock has declined nearly 50% over the last 12 months and is down 45% in 2024.
