NOMURA ON PAYTM ; BUY | TP ₹2,300 (EARLIER ₹2,250)

• Nomura raises Paytm's target price to ₹2,300 from ₹2,250, maintaining BUY rating. • Management expects higher profits from MDR on UPI transactions than previously estimated. • Financial services distribution business continues to show strong growth momentum. • Paytm is moving away from lower-quality Gross Merchandise Value (GMV) to focus on more profitable transactions.

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