Shares of new-age tech companies were on a roll in Wednesday's trading session. Paytm stock jumped over 9.4 per cent to hit a day's high of 644.90 and shares of Zomato also zoomed over 9 per cent to hit a day's high of Rs 53.9 on the Bombay Stock Exchange.

Analysts at Macquarie Research have given a double upgrade on One97 Communications, which runs digital payment platform Paytm, after the fintech giant reported operating profitability in the December quarter, three quarters ahead of its earlier guidance of achieving this target by the September 2023 quarter.

Macquarie has upgraded Paytm to 'outperform' from 'underperform', and has also raised the target price to Rs 800 from Rs 450, which implies a 36 percent upside from the current levels.

"The biggest surprise is distribution business, control of cashbacks, opex," it said in a note on February 8.

In March 2022, the global financial major slashed its price target for the digital major Paytm citing regulatory headwinds including a falling probability of getting a banking licence.

It initiated coverage on the stock in November 2021 with a target price of Rs 1,200, which was cut to Rs 700 and then further slashed to Rs 450.

Shares of Paytm hit its 52-week high of Rs 978.65 on February 08, 2022. The stock is down over 40 per cent from its 52-week high. However, it is up over 34 per cent from its 52-week low of Rs 439.60.

Paytm said it saw continued scale in its loan distribution business with disbursements of Rs 3,928 crore or $480 million, up 327 per cent. Also, it disbursed 3.9 million loans in January, up 103 per cent.