 "63 Moons Technologies hits 52-week high; stock zooms 125% in a month")
Shares of 63 Moons Technologies (formerly known as Financial Technologies India) were locked in upper circuit for the seventh straight trading day after surging 10 per cent to Rs 184, also its 52-week high on the BSE in an otherwise weak market.
In the past seven trading days, the stock has rallied 61 per cent from level of Rs 114 on April 26, after the Supreme Court on April 30, set aside the Centre’s decision to merge National Spot Exchange (NSEL) with the company. In comparison, the benchmark S&P BSE Sensex was down 3.5 per cent during the same period.
A two-judge bench of Justice Rohinton Fali Nariman and Justice Vineet Saran set aside a Bombay High Court judgment that had upheld the Centre’s order on amalgamating the two companies. The Centre had, in 2016, decided to issue a final order for the merger, which it believed, was being done in public interest.
"The company has been articulating in the past that the merger will serve no purpose for the stakeholders of either NSEL or FTIL but to benefit only a few people with vested interest. As such, our stand has been fully vindicated," S Rajendran, MD, 63 moons technologies, said while welcoming the judgment.
In the past one month, the stock of 63 Moons Technologies has zoomed 125 per cent from Rs 81, as compared to 3 per cent decline in the benchmark index BSE Sensex.
Till 10:50 am, a combined 113,302 shares had changed hands and there were pending buy orders for 277,000 shares on the NSE and BSE.
In the past seven trading days, the stock has rallied 61 per cent from level of Rs 114 on April 26, after the Supreme Court on April 30, set aside the Centre’s decision to merge National Spot Exchange (NSEL) with the company. In comparison, the benchmark S&P BSE Sensex was down 3.5 per cent during the same period.
A two-judge bench of Justice Rohinton Fali Nariman and Justice Vineet Saran set aside a Bombay High Court judgment that had upheld the Centre’s order on amalgamating the two companies. The Centre had, in 2016, decided to issue a final order for the merger, which it believed, was being done in public interest.
"The company has been articulating in the past that the merger will serve no purpose for the stakeholders of either NSEL or FTIL but to benefit only a few people with vested interest. As such, our stand has been fully vindicated," S Rajendran, MD, 63 moons technologies, said while welcoming the judgment.
In the past one month, the stock of 63 Moons Technologies has zoomed 125 per cent from Rs 81, as compared to 3 per cent decline in the benchmark index BSE Sensex.
Till 10:50 am, a combined 113,302 shares had changed hands and there were pending buy orders for 277,000 shares on the NSE and BSE.
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