Shares of 63 Moons Technologies Limited, formerly known as Financial Technologies Limited, rose sharply on strong volumes this morning, and despite volumes declining a bit subsequently, kept advancing higher as the session progressed, and are currently staying high up in positive territory.
The stock spurted to a high of Rs 82.55 a little past noon, and is currently up 15% at Rs 81.50. The 63 Moons Technologies counter on BSE has clocked a volume of nearly 10 lakh shares so far in the session, almost 3 times the average daily volume of 3.08 lakh shares.
On the National Stock Exchange, the stock is up 16.2% at Rs 82.50, near the day's high of Rs 82.70. The counter at NSE has clocked a volume of about 4.6 million shares so far in the session.
On BSE, the counter saw a bulk deal of 2.4 lakh shares (at Rs 70.32 a share) this morning.
Only recently, on 10 August 2017 to be precise, the stock had touched a 52-week low of Rs 53.80. The stock was struggling for support after the market regulator SEBI ordered impounding of averted losses worth over Rs 125 crore through alleged insider trading in MCX and its erstwhile promoter Financial Technologies by 13 persons, including relatives of Jignesh Shah and former top executives, with prior information about the National Spot Exchange Limited case.
However, Jingnesh Shah denied any violation of insider trading norms and even alleged there was a conspiracy against him.
It may be recalled that the National Spot Exchange Ltd, promoted by FTIL, had to suspend trading on July 31, 2013 following the break-out of a major payment crisis at the bourse.
The stock rebounded a day later (on August 11) after the company reported strong results. The company said that it posted a net profit of Rs 28.47 crore in the first quarter of 2017-18, up 130.34% compared to year-ago quarter's net profit of Rs 12.36 crore. Sales increased 267.43% to Rs 130.99 crore in the quarter ended June 2017, from Rs 35.65 crore during the previous quarter ended June 2016.
In the one month to 10 August 2017, the stock had declined by about 15%, as compared to the BSE benchmark's decline of about 0.6%. In the past three months, the stock gave up 28%.