Zaggle Prepaid shares see 4% uptick on strategic Equinox India partnership

Shares of IT-enabled services provider Zaggle Prepaid Ocean Services jumped 4.28 per cent to day's high of Rs 444 on the NSE during intra-day deals on Wednesday. The uptick in the stock price followed the announcement that Zaggle Prepaid Ocean Services has entered into an agreement with Equinox India (formerly Indiabulls Real Estate). Zaggle will provide Equinox with the Zaggle Propel reward platform, the company said in its regulatory filing on the BSE. Zaggle stated that the agreement will be renewed automatically after one year and subsequently every year.

Incorporated in 2011, Zaggle is a leading player in the FinTech industry, offering a diversified range of products and services.

 

Zaggle is a leading entity in spend management, having issued over 50 million prepaid cards in collaboration with its banking partners and serving more than 2.9 million users. The company's portfolio includes a variety of SaaS solutions, such as expenses, payments, and rewards management software, catering to a wide array of touchpoints.

As of October 9, 2024, Zaggle has a market capitalisation of Rs 5,345.04 crore on the NSE.

Shares of Zaggle made their market debut on September 22, 2023. The company’s stock listed at Rs 164 on the NSE. The stock has surged 170.73 per cent since its market debut. The company's shares have yielded a return of 24.58 per cent in the last one month, 50.46 per cent in the last six months, and a whopping 101.50 per cent year-to-date for its shareholders.

At around 2:05 pm on Wednesday, Zaggle shares were trading at Rs 437.85, up 2.84 per cent from its previous close of Rs 425.75. A combined total of nearly 2.92 lakh shares of Zaggle, worth around Rs 83.81 lakh, have exchanged hands so far today on the BSE and NSE.

Meanwhile, the benchmark equity indices, BSE Sensex and NSE Nifty50, were also trading higher on Wednesday. Nifty50 was quoted at 25,138.30, up 125.15 points or 0.50 per cent from its previous close, while Sensex was trading 337.32 points or 0.41 per cent higher at 81,972.13.