BENGALURU : Paytm's stock surged over 7 per cent on Friday after it announced plans to consider a share buyback, but analysts warned it would not bring long-term relief to investors as concerns around the Indian firm's slow path to profitability remained.
Late on Thursday, Paytm said it will consider a buyback of shares on Dec. 13, saying it thinks the move will be beneficial for its shareholders"given the company’s prevailing liquidity and financial position.""This company is yet to make profits but its in a hurry to announce a buyback," said Chokkalingam G, Founder, Equinomics Research & Advisory Pvt Ltd, adding that Friday's stock surge was an opportunity to exit the counter.
The buyback plans come as several technology stocks in India face pressure amid a rising interest rate environment and concerns over valuations. SoftBank-backed Indian e-commerce firm Snapdeal on Friday said it will pull the plug on its $152 million IPO plans due to unfavorable market conditions.
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