Paytm Up 18% on Samsung Deal: Stock Soars After Shift!

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One 97 Communications Ltd., the parent company of Paytm, made two significant announcements recently. On Wednesday, the company informed the exchanges that the insurance regulator IRDAI had approved its request to withdraw its application to register as a general insurance company.

Paytm stated that this decision aligns with its strategy to enhance its insurance distribution efforts across various segments such as health, life, motor, shop, and gadget through its subsidiary, Paytm Insurance Broking Pvt. Ltd. The company aims to concentrate on offering small-ticket insurance products for both consumers and merchants in collaboration with its partners.

Furthermore, Paytm announced on Thursday that it had entered into a partnership with Samsung. This collaboration will integrate travel and entertainment services into the Samsung Wallet in India.

Additionally, Paytm announced on Thursday its partnership with Samsung to introduce travel and entertainment services to the Samsung Wallet in India. This collaboration will facilitate bookings for flights, buses, movies, and events via the Samsung Wallet in partnership with Paytm.

According to a statement from the company, “With the Paytm app being the preferred platform for travel and event bookings for millions of Indians, this partnership with Samsung offers users new ways to access its services, enhancing convenience.”

Recently, Paytm’s shares have risen above ₹400, following a revision of its price band from 5% to 10%. Since this adjustment, the stock has increased by as much as 18%.

When Paytm went public in 2021, it was one of India’s largest IPOs. However, the stock listed below its IPO price of ₹2,150 and has not reached that level again. After facing various regulatory challenges with the RBI, the shares hit a record low of ₹310. This year, the stock remains down by 40%.