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.
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.