1 month ago
63 Moons Shares Rise After NCLT Scheme Approval
63 Moons Technologies is a company that sells shares.
Its shares went up 11% after a 6‑day rise.
A financial group called MOFSL said the shares are a good buy and set a target price of Rs 910.
The company had a legal plan with a trading firm called NSEL.
The plan will pay traders about Rs 1,950 crore.
The company also said a court in Mumbai cancelled an attachment on its assets, and more releases are expected soon.
In 2013, the company helped pay traders Rs 179 crore.
All of this makes investors feel better about buying the shares.
63 Moons shares up 11% after a 6‑day rise to 34% gain.
MOFSL issues a positional Buy call with a target price of Rs 910.
NCLT approved a scheme between NSEL and 5,682 traders, paying Rs 1,950 crore.
63 Moons filed that the MPID Court cancelled asset attachment, expecting further releases.
In 2013, NSEL and 63 Moons paid Rs 179 crore to 7,053 traders with small outstanding balances.
- Who
- 63 Moons Technologies, National Spot Exchange Ltd, National Company Law Tribunal, MOFSL
- What
- Shares rally, scheme approval, asset release
- Where
- Mumbai bench of NCLT, MPID Court, BSE
- When
- Shares rose over 6 days; scheme approved November last year; settlement as of July 31, 2024
- Why
- To resolve legal cases, pay traders, and boost investor confidence
Key facts
- Stock Price Increase
- 11% over 6 days
- Target Price
- Rs 910
- Scheme Payment
- Rs 1,950 crore
- Traders Covered
- 5,682
- Previous Payment 2013
- Rs 179 crore
Quotes
63 Moons Technologies
Company representative quoted in a BSE filing
“The MPID Court, Mumbai, has allowed one Applications filed by 63 moons and ordered cancellation of attachment of assets of the company attached under Notification dated 19.09.2018 subject to the conditions laid in the order for effecting the Scheme.”
businesstoday.in
Sources
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