Shares of One97 Communications Ltd (OCL) rose nearly 3%, with 875,000 shares or a 0.13% stake worth Rs 56.78 crore changing hands in a block trade on March 31.

One97 Communications is the parent company of Paytm, a leading mobile payments and financial services company. The shares changed hands at an average price of Rs 648.45 each.

Shares of OCL were trading at Rs 645.60 a piece at 2:25 pm, up 2.6% from the previous close on the BSE. The stock had touched an intraday high of Rs 655.90 per share earlier in the day.

OCL said its consolidated net loss had narrowed to Rs 392 crore for the third quarter that ended in December 2022. Operating income for the quarter jumped about 42% to Rs 2,062.2 crore from Rs 1,456.1 crore a year earlier.

Shares of OCL have risen 21% in the last year, and over the past three months, the stock has returned nearly 21%.

The stock rose sharply after testing the 52-week low of Rs 439 in November 2022.

OCL’s December 2022 EBITDA was negative at Rs 278 crore, an increase of 60.96% from Rs 712.10 crore in December 2021.