paytm: Market movers: Paytm’s Macquarie nightmare reappears; Greaves Cotton cruises on EV dream


NEW DELHI: Even as some of the other foreign brokerages, mostly those who were also the merchant bankers to its initial public issue, came out with bullish price targets in the last one month, Macquarie turned even more bearish on the counter.

Macquarie was the first ever broker to come out with a coverage report on

, but its price target of Rs 1,200 set the tone for the stock on the debut day itself. In another update, it pushed its target down to Rs 900, barely months after the fintech major got listed.

Now the stock has hit fresh lows, falling to Rs 1,152. It plunged about 6 percent on Monday following the update. Meanwhile, Paytm has been reiterating that its lending business has been booming.

Interestingly, it is not just Paytm, but PB Fintech, which runs Policybazaar and Zomato have also been on a downward trend.

No stopping

It seems there is no stopping Greaves Cotton. The stock has been on an upward trajectory ever since reports said it doubled its sales of electric vehicles during December, giving a fillip to its fortune.

Greaves Cotton had acquired e-mobility startup Ampere among others, which has helped boost its profile as a major EV player. The company has also been doubling down on increasing production.

The stock jumped 20 per cent on Monday taking its year-to-date gains to 51 per cent. The counter ha shit the most bullish analyst projected by analysts.

Biz update

Realty companies continued to report numbers that any industry will kill for, boosting the already heavy demand for real estate shares. On Monday, it was the turn of

Realty to hog the limelight.

The company reported pre-sales of Rs 352 crore in Q3FY22, up 29 per cent on QoQ basis and Rs 800 crore in 9MFY22, up 23 per cent on YoY basis. Similarly collections were Rs 270 crores in Q3, up 30 per cent on QoQ basis and Rs 649 crore in 9M FY22, up 41 per cent on YoY basis.

Following the update, Sunteck Realty shares bounced 13 per cent. In the last six months, the stock is up 65 per cent.



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