IT stock hits 5% upper circuit after board approves one-time settlement of ₹1,950 Cr
Shares of this small-cap stock engaged in computer programming, consultancy, and services hit a 5 percent upper-circuit on the approval of a Rs.1,950 crore one-time settlement for NSEL investors. The move has sparked investor optimism, leading to a stock price surge. Price Variation During Monday’s trading session, shares of 63 Moons Technologies Ltd surged by […] The post IT stock hits 5% upper circuit after board approves one-time settlement of ₹1,950 Cr appeared first on Trade Brains.
Shares of this small-cap stock engaged in computer programming, consultancy, and services hit a 5 percent upper-circuit on the approval of a Rs.1,950 crore one-time settlement for NSEL investors. The move has sparked investor optimism, leading to a stock price surge.
Price Variation
During Monday’s trading session, shares of 63 Moons Technologies Ltd surged by 5 percent, reaching an intra-day high of Rs.895.50 from the previous close of Rs.852.90. Over the past six months, the stock has delivered returns exceeding 150 percent.
What Happened
Shares of 63 Moons Technologies Ltd gained attention on Monday morning after the company’s board approved a one-time settlement of Rs.1,950 crore, as proposed by the NSEL Investor Forum (NIF).
The company mentioned that it had received strong support from traders in favor of the settlement but clarified that the Rs.1,950 crore settlement is contingent upon obtaining the necessary approvals and meeting conditions designed to safeguard the company’s interests.
63 Moons Technologies also informed the stock exchanges that NIF, representing a significant number of traders who previously engaged on the National Spot Exchange Ltd (NSEL) platform, submitted an indicative proposal for a one-time full and final settlement on a without prejudice basis.
Under the proposal, a total of Rs.1,950 crore will be paid by 63 Moons and NSEL to all remaining unpaid investors, based on their outstanding claims as of July 31, 2024. The proposal specifies that there will be no preferential or graded payments, with all investors receiving their dues on a pro-rata basis according to their outstanding amounts as of the specified date.
Key Offerings
63 Moons Technologies Ltd offers a range of key solutions, including Straight Through Processing (STP) solutions that enhance trading processes and operational efficiency for brokers and financial institutions.
The company also provides TickerPlant, an analytics platform that delivers real-time market data across various exchanges. Additionally, 63 Moons has recently established 63 SATS, a cybersecurity division that focuses on centralized information security operations to safeguard its digital infrastructure.
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Recent Developments
In August 2024, 63 Moons Technologies Ltd made a strategic move by selling its STP system to Synapsewave Innovations, allowing the company to concentrate on its core competencies. Furthermore, 63 Moons has been actively expanding its technological portfolio, highlighted by the launch of a cryptocurrency super application, CryptoWire.
Financials
For the quarter ending September 2024, the company reported revenue from operations of Rs.38 crore, reflecting a significant 76 percent decrease compared to Rs.159 in Q2 FY24. The company reported a net loss of Rs.24 crore from a net profit of Rs.79 crore in the same period.
Company Profile
63 Moons Technologies Ltd. is an Indian technology company that focuses on providing solutions for financial markets. Formerly known as Financial Technologies (India) Limited, it is recognized for launching the Multi Commodity Exchange (MCX) in 2003. The company develops trading platforms and services, including TickerPlant for real-time market analytics and 63 SATS for cybersecurity solutions.
Written by – Siddesh S Raskar
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The post IT stock hits 5% upper circuit after board approves one-time settlement of ₹1,950 Cr appeared first on Trade Brains.
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