Up 200% since listing; this smallcap IT-enabled services stock locked in 5% upper circuit
The smallcap IT stock is locked in 5 per cent upper circuit on cracking a deal with MasterCard Technology.
The smallcap IT enabled services - Zaggle Prepaid Ocean Services stock was locked in 5 per cent upper circuit at Rs 490.65 per share. Upon consecutive upmoves, the stock is now trading close to its 52-week high price of Rs 493.
In the last 1-month the stock has gained over 20 per cent, while in a 1-week period it is up by over 11 per cent.
The last spurt in the stock is fuelled post the company's deal with MasterCard for a tenure of seven long years. The entity has been awarded a contract from MasterCard Technology and as per its terms MasterCard is set to recommend Zaggle SaaS platform, Payment and Card Products to corporate customers and other ecosystem entities on a referral basis.
As per the filing with the exchanges, the term shall commence on 26th Nov'24 and shall continue for the period of 7 years.
Since its listing on September 22, 2023, the stock against its IPO issue price of Rs 164 has zoomed as much as 200 per cent considering today's high.
Institutional holding in the hold during the quarter ended September increased by 3.54 per cent and stood at 16.83 per cent.
Zaggle Prepaid Ocean Services is a B2B2C fintech software as a service (SaaS) company. The company’s core product portfolio includes Zoyer, Save, Propel, CEMS, and Zaggle Payroll Card.
Company's technicals
Trading at a TTM PE higher than the industry median at 84.4, the stock commands higher valuation.
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