Paytm shares advanced 2.49% to trade at ₹1,057.4 apiece following reports of the company's ambitious hiring plans. According to reports from NDTV Profit, the scrip was trading 2.26% higher by 9:51 am on Tuesday, June 9, while the benchmark Nifty 50 index was up 0.28%. The latest surge comes after a Bloomberg News report detailed the fintech firm's expansion strategy. As per NDTV Profit, Indian equity benchmarks gained in opening trade, with the NSE Nifty 50 rising as much as 0.6% to 23,259.45 and the BSE Sensex gaining 511 points or 0.7% to 74,035.
As reported by Bloomberg News, Paytm is planning to increase its headcount by 10%, adding approximately 4,000 employees to its current workforce of about 40,000. The hiring initiative will continue until March 2027 and will focus on senior leadership roles across product, technology, and AI teams. The company has already added more than 800 people over the last two months and is in the process of recruiting the additional 4,000 positions. According to NDTV Profit, the gains followed a rebound on Wall Street, led by chip stocks including Nvidia and Micron Technology, with Asian markets also advancing as concerns over the Middle East eased.
According to the Bloomberg report, Paytm will simultaneously lay off 1% of its staff, approximately 400 people, after the current performance appraisal cycle. These job cuts follow significant reductions implemented last year and are part of the company's ongoing workforce optimization strategy. The report indicates that Paytm has laid off most of its staff in the last two years, with some employees being absorbed elsewhere within the company. As per NDTV Profit, the rupee appreciated at the open against the US dollar, gaining as much as 29 paise or 0.31% to 95.41.
As reported by NDTV Profit, One97 Communications has reported four straight quarters of profit, rebounding after the Reserve Bank of India's action against its banking affiliate Paytm Payments Bank. The firm had previously cut more than 4,500 roles in the aftermath of regulatory curbs, with the central bank instructing a formal wind-down in April by cancelling the operating license of its payments bank. The company's shares have surged around 7% over the past year but continue to remain more than 50% down from its IPO price.
