Heavy Buying Alert: Multibagger IT-stock Hits Upper Circuits On October 23; Rockets Over 100 Per Cent From 52-Week Low
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 240.35 per share and a whopping 434.5 per cent in 3 years
On Wednesday, one of the Top Gainers on BSE, shares of 63 Moons Technologies Ltd hit a 10 per cent upper circuit to an intraday high of Rs 488.05 per share from its previous closing of Rs 443.70 per share. The stock’s 52-week high is Rs 688.80 and its 52-week low is Rs 240.35. At the closing bell, shares of the company were trading at Rs 477.30 per share, up 7.60 per cent and saw a spurt in volume by more than 1.36 times on BSE.
Earlier, the company received a proposal for an amicable one-time settlement (OTS) from the NSEL Investors Forum (NIF). This forum represents a large group of traders who were impacted by the payment defaults that occurred on the National Spot Exchange Ltd. (NSEL) platform over a decade ago. The NIF suggests that the company and NSEL should explore a mutually beneficial settlement with the affected traders to resolve the ongoing litigation stemming from these defaults. The company has disclosed this development to the stock exchange by SEBI regulations. The NIF has indicated that they will consult with the traders they represent and subsequently present a concrete settlement proposal once they have secured the support of a majority of these traders. Additionally, the NIF has suggested that some brokers who were members of NSEL might also participate in the resolution process. The company's board of directors has taken note of this development and will continue to provide updates to the exchange if there are any further material developments.
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63 Moons Technologies Limited develops trading technologies. The company offers a trading platform for multi-asset classes such as equity, commodity, and equity and forex-based derivatives. 63 Moons Technologies provides warehousing and collateral management services worldwide.
The company has a market cap of Rs 2,200 crore and has delivered good profit growth of 52.4 per cent CAGR over the last 5 years. The promoters of the company own 45.63 per cent of the shares, while FIIs own 3.05 per cent and DIIs own 0.01 per cent as of September 2024. The remaining 51.31 per cent of the shares are owned by the public. Additionally, the stock is trading at 0.66 times its book value of Rs 726.
The shares of the company have a PE of 10x whereas the industry PE is 40x. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 240.35 per share and a whopping 434.5 per cent in 3 years. Investors should keep an eye on this multibagger small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.