One97 Communications surges on partnering with Axis Bank
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One97 Communications is currently trading at Rs. 358.55, up by 17.05 points or 4.99% from its previous closing of Rs. 341.50 on the BSE.
The scrip opened at Rs. 358.55 and has touched a high and low of Rs. 358.55 and Rs. 358.55 respectively. So far 55201 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 998.30 on 20-Oct-2023 and a 52 week low of Rs. 318.35 on 16-Feb-2024.
Last one week high and low of the scrip stood at Rs. 436.00 and Rs. 318.35 respectively. The current market cap of the company is Rs. 21690.29 crore.
The Institutions and Non-Institutions held 69.78% and 30.21% stake respectively in the company.
One97 Communications (OCL) has partnered with Axis Bank, one of India’s largest private sector banks with distinct digital capabilities, to continue with swift and secure merchant settlements. This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank.
Paytm Payment Services (PPSL), OCL’s wholly owned subsidiary has already been using the Axis Bank services, since its inception. Consumer payments for merchant transactions are typically collected in a dedicated account. This arrangement enables Paytm to seamlessly transition its merchants’ settlements to Axis Bank, thereby facilitating business operations for the merchants. Both OCL and PPSL are also in discussions with other banks to evaluate a second partner for nodal / escrow services.
One97 Communications (Paytm) is India's leading digital ecosystem for consumers as well as merchants
