Pine Labs Ltd. Share Price

One 97 Communications SHARES SEES 31% UPSIDE

Paytm shares have significantly outperformed the broader Indian equity market in 2026, and brokerage firm Nomura sees further upside potential for the fintech major. Initiating coverage on One 97 Communications, Paytm’s parent company, Nomura has assigned a ‘Buy’ rating with a target price of Rs 2,250 per share, implying an upside of 31.4% from Wednesday’s closing price. Paytm shares were trading 0.7% lower during Thursday’s morning session, giving the company a market capitalisation of approximately Rs 1.09 lakh crore. Despite the decline in the latest session, the stock has gained 31.6% so far in 2026, significantly outperforming the Nifty 50, which has fallen 12.4% over the same period. The projection reflects the brokerage’s expectations of improving operating leverage as the company scales its business. Stronger profitability and the potential for sustained earnings growth underpin Nomura’s positive outlook on the stock. Earlier this week, the National Payments Corporation of India (NPCI) deferred the implementation of the proposed Unified Payments Interface (UPI) merchant discount rate (MDR) framework until after Diwali. The announcement initially triggered a sharp selloff in fintech stocks, including Paytm, Pine Labs and One MobiKwik Systems. However, the stocks subsequently recovered some of their losses. The proposed framework, announced in September, introduces transaction-based charges for certain merchant UPI payments, potentially creating a new revenue stream for payment service providers. Under the proposed structure, a 0.4% MDR would apply to person-to-merchant UPI transactions exceeding Rs 2,000, with charges capped at Rs 300 for transactions of Rs 75,000 or more. The charges would be borne by merchants rather than consumers. Merchant payments: Eligible person-to-merchant UPI transactions above Rs 2,000 would attract an MDR of 0.4%, subject to the specified cap.

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NPCI SAYS UPI MDR SHALL BE IMPLEMENTED AFTER DIWALI

Shares of fintech companies, including Paytm, Pine Labs and One Mobikwik Systems, recovered from their intraday lows after the National Payments Corporation of India announced that the proposed merchant discount rate on select UPI transactions would be implemented immediately after Diwali. Paytm shares had declined as much as 6.5% following the announcement that the rollout of MDR on UPI transactions had been deferred. Pine Labs and One Mobikwik Systems also fell around 4% during the session. However, the stocks pared their losses as trading progressed. Paytm was trading 1.4% lower, while Pine Labs had moved into positive territory. One Mobikwik Systems was down nearly 3%. In a statement, NPCI said the UPI and Services Steering Committee had decided to defer the implementation of MDR on select person-to-merchant UPI transactions until after the festive season. The revised implementation date will be announced separately. According to an NPCI circular issued last month, an MDR of 0.4% will apply to eligible P2M UPI transactions exceeding Rs 2,000. Payments between individuals and the vast majority of routine merchant transactions will continue to remain free. Certain essential service categories, including railways, telecommunications, fuel and insurance, will instead attract a flat fee of Rs 5 per transaction for payments above Rs 2,000. NPCI Managing Director and CEO Dilip Asbe had said last month that only around 10% of the total value of UPI transactions could face the risk of charges being passed on to consumers under the proposed MDR framework. He added that large corporate merchants, many of which already accept credit cards, were expected to absorb most of the additional costs.

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A bullish pin bar at the bottom of a chart

A bullish pin bar at the bottom of a chart indicates a possible bullish reversal, as it shows that sellers pushed the price lower but buyers stepped in strongly and rejected those lower levels, creating a long lower wick and a relatively small body near the upper end of the candle. In the Pine Labs chart, the recent pin bar around the ₹155–₹165 zone suggests buying interest emerging near support after a price decline. If the next candles confirm the pattern by moving above the pin bar’s high, preferably with strong volume, it could indicate a short-term recovery. However, confirmation is important because a single pin bar does not guarantee a reversal; a break below the pin bar’s low near ₹154–₹155 would weaken the bullish setup. Technical Analysis | Educational Purpose Only | Not Investment Advice.

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Paytm, Pine Labs, MobiKwik: UPI MDR Rollout Delayed

Shares of Paytm (

), Pine Labs and One MobiKwik Systems came under selling pressure after the National Payments Corporation of India (NPCI) postponed the rollout of Merchant Discount Rate (MDR) charges on select UPI transactions until immediately after Diwali, with the implementation date yet to be notified. Why Does the Delay Matter? The proposed framework introduces a 0.4% MDR on eligible person-to-merchant (P2M) UPI transactions above ₹2,000, subject to a cap of ₹300 for transactions of ₹75,000 or more. The fee is payable by merchants, not directly by consumers, while specified categories and eligible small merchants have exemptions. Investors had been anticipating that the new fee structure could create an additional revenue stream for payment companies. The postponement delays the potential realisation of this opportunity and leaves uncertainty around the timing of its financial impact. My View The market reaction reflects concerns about the timing of monetisation rather than the complete removal of the proposed fee framework. However, the eventual benefit will depend on which transactions qualify, how revenue is shared across the payment ecosystem and whether merchants adapt without materially affecting transaction volumes. For investors, the key monitorables are the final implementation guidelines, merchant adoption, revenue contribution and the profitability of each company’s payments business. The important distinction is that a delayed revenue opportunity is not necessarily a lost one. Investors should assess the eventual economics of the MDR framework rather than assume that its introduction alone will guarantee stronger earnings.

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Paytm falls 6.5% as UPI MDR rollout gets deferred

shares fell as much as 6.5% on October 13 after the National Payments Corporation of India (NPCI) deferred the rollout of merchant discount rate (MDR) charges on select UPI transactions until after Diwali. Pine Labs and One MobiKwik Systems also declined around 4% as investors assessed the delay’s potential impact on digital payment companies. The decision postpones the planned implementation of MDR charges on eligible person-to-merchant (P2M) UPI transactions. According to NPCI, the move was taken keeping the festive season in mind, with the revised implementation date to be announced separately. The charges were earlier scheduled to take effect from October 15, 2026. Under the proposed framework, a 0.4% MDR will apply to select UPI merchant transactions above ₹2,000. The fee is payable by merchants rather than consumers, with specified transaction categories subject to different charges. The proposed structure aims to create a revenue stream for participants in the digital payments ecosystem, which has largely operated with zero MDR on UPI transactions. For companies such as Paytm, Pine Labs and One MobiKwik, the timing of MDR implementation matters because payment-related charges could influence revenue opportunities and the economics of merchant transactions. A delay may postpone the potential benefits of the framework, although the actual financial impact will depend on the final implementation rules and the proportion of transactions covered. Paytm and other fintech stocks recovered from their intraday lows after NPCI clarified the revised timeline. Investors will now watch for the final implementation date, the applicable charges and how payment companies respond to the changes. The delay is a near-term development, while its longer-term effect on fintech revenues remains dependent on the final MDR framework.

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MDR पर लगा ‘ताला’! जानिए अब UPI पर कब तक नहीं लगेगा चार्ज

UPI यूजर्स के लिए बड़ी खबर! NPCI ने UPI ट्रांजैक्शन पर MDR (Merchant Discount Rate) लागू करने की योजना को दिवाली के बाद तक टाल दिया है। इसका मतलब है कि UPI पर MDR लागू करने को लेकर फिलहाल कोई तत्काल बदलाव नहीं होगा। हालांकि, यह समझना जरूरी है कि MDR किसे प्रभावित करता है और आम ग्राहकों के लिए इसका क्या मतलब है। 1. MDR क्या होता है? MDR यानी Merchant Discount Rate वह शुल्क है, जो डिजिटल पेमेंट स्वीकार करने के बदले मर्चेंट या दुकानदार से लिया जा सकता है। अगर UPI पर MDR लागू होता है, तो इसका असर पेमेंट इकोसिस्टम पर पड़ सकता है—जिसमें दुकानदार, पेमेंट कंपनियां, बैंक और ग्राहक शामिल हैं। 2. अब क्या हुआ है? NPCI के अनुसार, UPI पर MDR लागू करने की योजना को दिवाली के बाद तक टाल दिया गया है। ---->₹2,000 से ज्यादा के UPI पेमेंट पर क्या होगा? प्रस्तावित नियम के अनुसार, चुनिंदा मर्चेंट UPI ट्रांजैक्शन पर ₹2,000 से अधिक की राशि के लिए 0.4% MDR लागू होना है, जिसकी अधिकतम सीमा ₹300 बताई गई है। उदाहरण के लिए, अगर कोई ग्राहक किसी पात्र दुकानदार को ₹10,000 का UPI पेमेंट करता है, तो 0.4% के हिसाब से MDR ₹40 होगा। ध्यान दें: यह शुल्क मर्चेंट पर लागू होने वाला प्रस्तावित शुल्क है, ग्राहक पर सीधे लगाया जाने वाला UPI चार्ज नहीं। 4. आम UPI यूजर्स के लिए राहत व्यक्ति से व्यक्ति (P2P) ट्रांसफर: मुफ्त रहेंगे, राशि चाहे जितनी हो। ₹2,000 तक के मर्चेंट पेमेंट: मौजूदा घोषित ढांचे के तहत मुफ्त रहेंगे। चुनिंदा ₹2,000 से अधिक के मर्चेंट पेमेंट: लागू होने पर MDR के दायरे में आ सकते हैं। ---> STOCKS IN FOCUS

MOBIQWIK PINE LABS HDFCBANK --->HDFC Bank, ICICI Bank और अन्य UPI-संबंधित बैंकों के लिए MDR व्यवस्था पेमेंट इकोसिस्टम की कमाई को प्रभावित कर सकती है। हालांकि, इन बैंकों की कुल कमाई पर इसका प्रभाव सीमित हो सकता है और अलग-अलग बैंक पर असर समान नहीं होगा। Market Impact: MDR लागू होने में देरी से पेमेंट कंपनियों की संभावित कमाई में देरी हो सकती है। लेकिन शेयरों की दिशा इस बात पर निर्भर करेगी कि नई व्यवस्था कब लागू होती है, । नोट: यह संभावित प्रभाव का विश्लेषण है, खरीदने या बेचने की सलाह नहीं।

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