This Jignesh Shah-owned smallcap stock has doubled in 2 months

Shares of 63 Moons Technologies hit over decade high of Rs 766.60, as they locked in upper circuit of 5% on the BSE and rallied 33% in 8 trading days.

Shares of 63 Moons Technologies hit a decade high of Rs 766.60, and were locked at the 5 per cent upper circuit on the BSE in Thursday’s intra-day trade. The stock of the smallcap company was trading higher for the eight straight day, and has rallied 33 per cent during this period. It was quoting at its highest level since July 2013, with its all-time high registered at Rs 3,048 on June 29, 2007.

 

Jignesh Shah is the Founder, Chairman Emeritus, and Chief Mentor of 63 Moons Technologies. As on September 30, 2024, Jignesh Shah is holding 14.19 per cent stake in 63 Moons Technologies in the promoter group category, the shareholding pattern data shows.

 

 

During the year 2022-23, 63 Moons Technologies renewed the agreement with Jignesh Shah, the Promoter, for a period of three years on professional basis to mentor the senior technology team and for rendering services in advising strategy for the information technology (IT) initiatives of the company besides litigation matters of the company and its affiliate.

 

Till 01:16 pm; a combined 485,000 equity shares changed hands on the counter. There were pending buy orders for a combined 224,478 shares on the NSE and BSE.

 

In the past two months, the stock price of 63 Moons Technologies has more-than-doubled or zoomed 108 per cent from a level of Rs 369.40.

 

A sharp up move in the stock price of 63 Moons Technologies has been triggered after the company said it received a communication vide letter dated 8th November 2024 from NSEL Investors Forum (NIF) an association representing a large number of traders who traded on the Exchange platform of National Spot Exchange (NSEL), giving an indicative proposal on without prejudice basis for a one-time full and final settlement (OTS).

 

NIF proposed to settle the case by paying Rs 1,950 crore to all remaining unpaid investors in proportion (prorata) to their balance outstanding claims as on 31st July, 2024, subject to legal proceedings against 63 Moons group being withdrawn / settled / closed. CLICK HERE FOR FULL DETAILS

  

  63 Moons Technologies has been a torchbearer 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 Exchange Technology division continues to serve to 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.

 

The company said it has been exploring the exciting world of Web 3.0 through its venture, 3.0 verse, by leveraging opportunities in Blockchain, Artificial Intelligence (AI) / Machine Learning (ML), Metaverse, and more. Parallelly, the company anticipated the humongous opportunity in the cybersecurity world and realised the need to protect individuals, enterprises, and the nation against ever-evolving cyber threats, and therefore, ventured into the much-needed cybersecurity arena with 63SATS.

 

The company provides technology solutions to brokerage houses through its three business undertakings namely Open Dealer Integrated Network (ODIN), MATCH, Other Services and Components and STP- Gate. 63 Moons Technologies in September quarter results note said that the company has entered into agreements to sell these undertakings to a party on "as is where is", slump sale basis, debt free and cash free basis.