The share price of 63 Moons Technologies Ltd, formerly Financial Technologies India founded by Jignesh Shah, has advanced more than 200 percent in the last six weeks on the back of higher volumes as it hit another high on January 12.
The stock hit a record high of Rs 338 on the BSE in the intraday trade on January 12, up 5 percent from its previous close. It has hit 5 percent upper circuit for 15 of the last 17 sessions and gained nearly 220 percent from Rs 105.30 on November 30, 2021.
The surge is despite the tech firm reporting losses in 13 of the last 15 quarters losses. Its revenue, too, has declined continuously from Rs 68.71 crore in June 2018 to Rs 39.06 crore in the September 2021 quarter.
On 14 December, Moneycontrol reported that 63 Moons backed TickerPlant, a global financial content provider, launched a cryptocurrency super application called CryptoWire.
The company said the venture was not aimed at floating a cryptocurrency exchange in India.
Shah launched the Multi Commodity Exchange of India (MCX) in 2003, India’s first such exchange.
The decision by 63 Moons to create content comes as a clutch of groups, backed by deep-pocketed investors, have jumped to float crypto exchanges to cash in on a booming market even though uncertainty looms over virtual currency in India.
The government is working on a bill that will decide the fate of cryptocurrencies and digital assets liked NFTs in India. The Reserve Bank has on several occasions flagged its misgivings about cryptocurrencies.
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