 "63 Moons extends rally on one-time settlement with NIF; zooms 66% in 1 mth")
Shares of 63 Moons Technologies hit a multi-year high of Rs 990.35, as they locked in upper circuit of 5 per cent on the BSE in Wednesday’s intra-day trade in an otherwise weak market.
The stock locked in upper circuit for the third straight day after the company’s board on Sunday, December 15, approved the one-time settlement (OTS) of Rs 1,950 crore as proposed by NSEL Investors Forum (NIF).
The counter has seen huge trading activity, with average volumes jumping over three-fold. Till 11:40 AM, a combined 1.96 million shares had changed hands and there are pending buy orders for around 90,000 shares on the NSE and BSE.
The stock of the smallcap company is trading at its highest level since February 2013. It had hit an all-time high of Rs 3,048 on June 29, 2007. In one month, the market price of 63 Moons Technologies has zoomed 66 per cent, as compared to the 3.8 per cent rise in the BSE Sensex. Since October 8, it has skyrocketed 181 per cent from the level of Rs 352 on the BSE.
The company said that the OTS will entail the closure of certain legal proceedings, among other things, against the company, while assigning all claims/ rights of the traders of NSEL to the company so as to claim recoveries from the defaulters and others, whether through decrees or liquidation of attached assets.
63 Moons Technologies, in an exchange filing, said it has received a communication on December 13, from NIF, an association representing a large number of claimants (traders), who traded on the Exchange platform of National Spot Exchange Ltd. (NSEL).
More From This Section
NIF has informed that the OTS proposal was put to a vote before the traders and their response has been overwhelming. From the participation, it is evident that a majority of the unpaid claimants in number and maximum in value have voted in favour of the OTS proposal, which is more than sufficiently qualifying to proceed legally and file the settlement scheme before the appropriate judicial forum, the company said.
63 Moons Technologies has been a leading player in the technological advancements in the fintech space, providing the necessary support of critical technologies for multi-asset class exchanges, among the other segments. The company's Exchange Technology division continues to serve Metropolitan Stock Exchange of India Ltd. It is also exploring opportunities around the technology skills that it has so that the existing team can be leveraged for better revenue realisation in the coming times, the company said in its FY24 annual report.