One 97 Communications, parent of Paytm, saw shares rise nearly 3% to ₹942.90 after global brokerage firm UBS raised its target to ₹1,000. Earlier, Citi also lifted its rating on Paytm from 'Sell' to 'Buy' and increased the price target to ₹900.

Shares of Paytm's parent firm One97 Communications have recovered sharply after the company suffered a big blow earlier this year after the Reserve Bank of India barred its payments bank from offering services like accepting deposits and accessing UPI payments.

The shares of Paytm parent One97 Communications hit a 52-week high on November 28, at a time when global brokerage has more than doubled its target price on the stock. It now expects Paytm shares to touch ₹1000.

Paytm shares hit a 52-week high after UBS raised its target price to Rs 1,000, maintaining a 'Neutral' stance. The brokerage anticipates revenue-driven growth as cost optimization plateaus. Bernstein also increased its target to Rs 1,

Paytm has run up 70 per cent in the past 3 months in anticipation of key metric improvement and is trading at 5.8 times EV/1-year-forward sales against 3.4 times pre-RBI action level, UBS said.