Paytm shares up 3% on Hyderabad Municipal partnership for tax collection

Shares of One 97 Communications — the parent of Paytm — rose nearly 3 per cent on Wednesday after it partnered with Greater Hyderabad Municipal Corporation (GHMC) to deploy 400 card machines for property tax collection.

Paytm’s stock rose as much as 2.7 per cent during the day to ₹822.7 per share. The stock later pared gains to trade 2.36 per cent higher at ₹820 apiece, compared to a 0.41 per cent advance in Nifty 50 as of 1:03 PM. The shares have risen over 25 per cent from its lows of ₹651 in early March.