Shares of 63 Moons Technologies defied gravity for the third session on the trot on June 27 after Miri Strategic Emerging Markets Fund LP, the hedge fund owned by US-based Miri Capital Management LLC, bought an additional stake in the technology services firm.
At 11.35 am, the share was trading at Rs 217.80 on BSE, up 5.68 percent from the previous close.
As per bulk deals data available on exchanges, Miri purchased an additional 3.54 lakh equity shares, or a 0.77 percent, stake in 63 Moons on June 26 via open market transactions.
The shares were bought at an average price of Rs 216.16 per share.
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In the previous session, Miri had bought 4.47 lakh shares, or a 0.97 percent stake, in 63 Moons at an average price of Rs 190.68 a share.
In the preceding session on June 23, 63 Moons was locked in the 20 percent upper circuit. The stock has gained nearly 28 percent in three sessions.
Tech Talk
63 Moons Technologies, founded by Jignesh Shah, provides technology solutions and platforms for marketplaces, including MCX, Singapore Mercantile Exchange, Indian Energy Exchange (IEX), among others.
However, MCX’s tech platform deal with 63 Moons to maintain its trading platform expires this month.
The software support and maintenance agreement between 63 Moons Technologies and MCX, which was last amended on September 27, 2014 ended September 30, 2022. However, following that MCX was forced to extend the service period multiple times.
For the quarter ended March 2023, 63 Moons Technologies, formerly Financial Technologies (India) Limited, posted revenue of Rs 107.17 crore and a net profit of Rs 5.07 crore.
In the preceding quarter ended December 2022, the company had logged revenues of Rs 88.37 crore and a net profit of Rs 29.80 crore.
As of the March 2023 quarter, promoters held a 45.63 percent stake in the firm, with the remaining 54.37 percent being held by public shareholders.
Shah-promoted Financial Technologies India Ltd (FTIL) changed its name to 63 Moons Technologies Ltd in 2015. In a letter to the shareholders, the company said the new name is based on the fact that Jupiter, the largest planet in the solar system, has 63 moons.
The decision came amid FTIL being under the regulatory scanner for its alleged role in the Rs 5,574-crore settlement fraud at its subsidiary National Spot Exchange Ltd (NSEL).
In 2016, the corporate affairs ministry had directed the merger of scam-hit NSEL with parent firm FTIL in the first-ever order to merge the two private companies. The order was set aside by the Supreme Court in 2019.
Shares of 63 Moons are up 21 percent on YTD basis, while the 1-year return stands at 25 percent.
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