63 Moons rallies 21% in two days as SC rules against NSEL merger

63 moons | Photo: Twitter
Shares of 63 Moons Technologies (formerly known as Financial Technologies India) were locked in upper circuit for the second straight day on Thursday after they rallied 10 per cent to hit Rs 137 apiece level.

The financial services firm was witnessing the rally after the Supreme Court on Tuesday set aside the Centre’s decision to merge National Spot Exchange (NSEL) with the company. In two days, the stock has surged 21 per cent.

Till 11:54 am, a total of 1,16,642 shares changed hands and there were pending buy orders for 1.4 million shares on the NSE and BSE.

The stock has rallied 71 per cent in the past three weeks from Rs 80 on April 11, relative to a 1 per cent rise in the benchmark S&P BSE Sensex. It touched a 52-week high of Rs 141 on April 18.

A two-judge bench of Justice Rohinton Fali Nariman and Justice Vineet Saran set aside a Bombay High Court judgment that had upheld the Centre’s order on amalgamating the two companies. The Centre had, in 2016, decided to issue a final order for the merger, which it believed, was being done in public interest. CLICK HERE FOR FULL DETAILS

"The company has been articulating in the past that the merger will serve no purpose for the stakeholders of either NSEL or FTIL but to benefit only a few people with vested interest. As such, our stand has been fully vindicated," S Rajendran, MD, 63 moons technologies, said while welcoming the judgment.

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