Market movers: Street has no takers for Vijay Shekhar Sharma’s optimism

On the same day, Sharma in a public address said his company should be compared with Bajaj Finance. He added that people were underestimating the compounding impact that the customer base on Paytm Payment platform has. “We have spent much less than any year ever… Our business has never looked better,” Sharma said.

However, the market continued to disagree with him. Macquaries has already trimmed the target price on the counter. Paytm share price is at an all-time low of Rs 1,081, about half of the IPO price. To be fair, there are some brokers who believe the stocks are worth much more than that but they are finding very few takers on the Street.

RJ’s banking bet rises
Shares of

, which is one of the banking bets of ace investor Rakesh Jhunjhunwala, saw buying after its board approved the proposal to raise up to Rs 700 crore by issuing bonds on a private placement basis.

The bonds will be allotted to certain eligible investors permitted to invest in NCDs under the applicable laws, it added. The south-based lender didn’t elaborate on how it will use the proceeds from this fundraise.

Simran Farms in demand
Dolly Khanna, who is famous for finding hidden gems from smallcap space on Dalal Street, bought 1.74 per cent stake in Simran Farms, a poultry company, during the December quarter, the company said in an update on Tuesday.

This led to a buying in the stock and the counter hit 5 per cent upper circuit. The market cap of the company is just 74 crore, much of which has come in the last one year during which it has appreciated 228 per cent.

Now, Khanna’s move will likely bring more buyers for the stock, which is a trend seen in her portfolio stocks.