Only Buyers In This Multibagger IT-Stock; Locked In Upper Circuit On November 11, Complete Details Inside

The stock is up by 99.4 per cent from its 52-week low of Rs 295 per share and gave multibagger returns of 500 per cent in 3 years.

On Monday, one of the Top Gainers on BSE, shares of 63 Moons Technologies Ltd hit a 5 per cent upper circuit to Rs 588.30 per share from its previous closing of Rs 560.30 per share. The stock’s 52-week high is Rs 688.80 and its 52-week low is Rs 295.

63 Moons Technologies Limited Receives OTS Proposal from NSEL Investors Forum

63 Moons Technologies Limited has received a significant proposal from the NSEL Investors Forum (NIF), a group representing numerous traders who were impacted by the collapse of the National Spot Exchange Limited (NSEL). The NIF has put forth an indicative proposal for a one-time full and final amicable settlement (OTS) through a judicial forum, aiming to bring closure to all ongoing litigation against the 63 Moons group.

A key component of the proposal involves the assignment of all rights and claims of traders and investors against defaulters and other parties to 63 Moons. This strategic move is intended to facilitate recovery efforts and potentially expedite the resolution of outstanding issues. The settlement amount proposed by the NIF is Rs. 1,950 crores, which would be distributed to all remaining unpaid investors on a pro-rata basis. This payment is contingent upon the withdrawal or settlement of legal proceedings against the 63 Moons group.

The proposal outlines several conditions and safeguards to ensure the smooth implementation of the settlement. These include the transfer of settlement funds to a dedicated account, the monitoring of the account by a judicial authority, and the assignment of investor rights and claims to 63 Moons upon payment of the settlement amount. The NIF's proposal presents a potential avenue for resolving the long-standing issues faced by NSEL investors and provides a framework for a comprehensive settlement.

About the Company

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 2,711 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 0.81 times its book value of Rs 726.

The shares of the company have a PE of 17x whereas the industry PE is 41x. The stock is up by 99.4 per cent from its 52-week low of Rs 295 per share and gave multibagger returns of 500 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.