63 Moons Technologies Share Price Analyzed
Today, the stock of 63 Moons Technologies jumped by 19%, reaching ₹930.90 on the BSE. This increase happened after the National Company Law Tribunal (NCLT) in Mumbai approved a deal between National Spot Exchange Limited (NSEL) and traders. This approval is a significant development that’s impacting the company’s value.
Key Points
- 63 Moons stock rose 19% to ₹930.90 due to NCLT approval.
- NSEL traders will receive ₹1,950 crore as part of the settlement.
- 5,682 traders will receive payments based on their outstanding debts.
- This settlement ends legal issues related to the 2013 NSEL crisis.
- 63 Moons Technology continues serving the Metropolitan Stock Exchange.
- New marketplace software has generated initial revenue for the company.
The approval from the NCLT means 63 Moons Technologies is resolving a long-standing problem. The company is paying out ₹1,950 crore to a total of 5,682 traders. This settlement aims to close out legal cases stemming from the NSEL payment crisis that occurred back in 2013.
Previously, in August 2013, 63 Moons Technologies had already paid out approximately ₹179 crore to assist around 7,053 smaller traders who had smaller debts. The company is emphasizing its commitment to supporting traders, even without a clear record of funds held by NSEL.
Beyond the NSEL settlement, 63 Moons Technologies continues to operate its Exchange Technology (ET) division. This division provides technology solutions to the Metropolitan Stock Exchange of India Ltd., and is actively developing marketplace technology. Recent work with a significant client has resulted in initial revenue for the company during the 2024-25 fiscal year.
63 Moons is focused on using its existing technology skills to create more revenue. They believe this will benefit the company in the future, and are actively seeking opportunities in the technology space.
“This settlement represents a critical step towards resolving a significant challenge and restoring confidence in 63 Moons Technologies’ future.”
