Paytm share price today: Shares of One 97 Communications, the parent company of Paytm, surged 7.31% in trade on Thursday. This is the first time that the stock has crossed the Rs 1,900 mark since the day of its listing back in 2021.The share price hit a multi-year peak of Rs 1,925 at closing and is now Rs 25 shy of its listing price of Rs 1,950 on the National Stock Exchange. It is now up over 49% year-to-date.The rally in the stock price has in part been driven by expectations that a new merchant discount rate (MDR) framework for Unified Payments Interface (UPI) transactions would be implemented soon.Last month, the National Payments Corporation of India (NPCI) postponed the proposed MDR levy until after Diwali. The decision came just two days before the scheduled October 15 implementation date for select UPI transactions.The proposed MDR is 40 basis points (bps) on person-to-merchant (P2M) UPI transactions over Rs 2,000.Paytm has been considered among the biggest potential gainers under the MDR regime, given its ability to tap a larger opportunity in absolute terms. Analysts estimate that revenue from UPI MDR could reach as much as Rs 1,160 crore for the company in FY28.Paytm has in the past said that introducing the fee would bring in additional revenue from its merchant business on several payment transactions that had previously been offered free of charge.Meanwhile, MSCI has included four Indian companies in its flagship Global Standard index and raised the weights of 11 other stocks in its November index review. These changes are set to increase India’s representation in the MSCI Emerging Markets Index.The November review saw MSCI raise the index weights of 11 Indian stocks, including Groww, Lenskart Solutions, Coal India and Paytm.The revisions will come into effect at the close of trading on November 30.In September, global brokerage Bernstein picked Paytm as its “Top pick”, pointing to the expansion of merchant lending and operating leverage as the main factors expected to drive earnings growth. The brokerage retained its Outperform rating on the fintech company and kept its target price at Rs 2,200.Bernstein said it sees a “clear right to win for Paytm and a long growth runway” in merchant lending.Bernstein projected Paytm’s revenue to expand at a compound annual growth rate (CAGR) of 24% between FY26 and FY30, with payments and financial services contributing to the growth. During the same period, EBITDA is forecast to rise from around Rs 5 billion to approximately Rs 70 billion, as operating leverage improves across the business.The brokerage also pointed to an “attractive product market fit” for merchant loans, noting that repeat borrowers account for around 55% of disbursals.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)