Ashish Kacholia bought 18,29,269 shares of this small-cap IT stock; scrip hit 52-week high and receives a new order worth USD 200,00,000!
The stock gained 14.5 per cent in just 1 day with a spurt in volume by more than 2 times on BSE.
On Friday, the benchmark indices were trading session in red with the BSE Sensex Index down 0.53 per cent at 66.055. On the sectoral front, most of the indices were treading in red including BSE Information Technology Index, down by 0.75 per cent.
Although the market is in red, this Small-Cap IT stock bucked the trend and traded in the green. Let us know about this stock:
The stock we will be discussing today is ZAGGLE PREPAID OCEAN SERVICES LTD.
Today, one of the Top Gainers on BSE, shares of this company increased by 31.5 points or 14.57 per cent to Rs 247.70 per share from its previous closing of Rs 216.20. The stock also made a new 52-week high of Rs 246.50 per share. The shares of the company saw a spurt in volume by more than 2 times on BSE.
An ace investor, Ashish Kacholia brought 18,29,269 shares or 1.50 per cent stake in the company at Rs 164 per share aggregating to Rs 30 crore in the September quarter (Q2FY24) as per data available on BSE.
He brought at Rs 164 per share and today it is trading at Rs 246.5 per share, a gain of Rs 82.5 points or over 50 per cent.
Order Update: The company informed that it has entered into a growth agreement with Visa Worldwide Pvt Ltd (Visa). The order is worth USD 200,00,000 and will be completed within 5 years from the letter of intent (LOI). The order includes issuing Forex CoBrand Cards. Visa will pay Zaggle a launch bonus and incentives for Forex transactions, based on agreed-upon spending commitments. This collaboration will allow Zaggle to leverage its corporate client base to sell forex cards to employees, who can also use Zaggle's expense management solution.
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About the Company
Zaggle is a fintech company founded in 2011 that provides automated and innovative solutions to help businesses manage their expenses. The company offers a range of fintech and SaaS products and services to corporates in a variety of industries, including banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobile.
Zaggle has a market cap of Rs 2,655 crore. In FY23, the company's net sales increased by 49.80 per cent to Rs 553.46 crore, while its EBITDA decreased by 19.64 per cent to Rs 48.09 crore and net profit decreased by 45.37 per cent to Rs 22.90 crore, compared to FY22.
Disclaimer: The article is for informational purposes only and not investment advice.