India, July 23 -- Brokerage firm Jefferies has upgraded its rating on Paytm from 'hold' to 'buy', raising its target price, a day after the fintech major turned profitable in the first quarter of FY26.

With this, Paytm shares surged 3.5% to INR 1,090.00 on the BSE today. The stock opened at this price but later slipped to INR 1,019.35 apiece.

As of 12:30 PM, the stock was trading 1.8% higher at INR 1,072.15 on the BSE with a market capitalisation of INR 68,150.21 Cr.

Jefferies raised its target price for Paytm to INR 1,250 per share from INR 900 before, an upside of 19% from the previous closing price of INR 1,051 per share.

The brokerage noted that the company has rebounded strongly from previous regulatory and business setbacks by c...