Following the signing of a deal with Expleo Solutions, this stock rises by 7%

The shares of Zaggle Prepaid Ocean Services, which have a market valuation of Rs. 3,668 crores, began trading on Thursday at a lower price than where they had closed the previous day—Rs. 299.50. The shares completed the trading day at Rs. 298 per share, having gained about 7 percent to reach a high of Rs. 322.

The company disclosed that they had reached a deal with Expleo Solutions Limited in an exchange filing, which resulted in a notable increase in the share price. whereby Zaggle would give Expleo Solutions Limited two years of access to the Zaggle Save platform, which includes an expense management tool and employee perks.

The company’s financial documents show that from Rs. 184 crores in the September quarter to Rs. 200 crores in the December quarter, revenue climbed by 9%. Furthermore, within the same period, net earnings increased from Rs. 8 crores to Rs. 15 crores, an increase of 87%.

Offering a wide range of fintech and SaaS products and services, Zaggle Prepaid Ocean Services Limited can help with tracking employee and channel partner awards, managing business spending, managing incentives, managing merchant gift cards, and much more.

With more than 50 million prepaid cards issued, it also commands the top spot in India for prepaid card issuance. By transaction value, it holds a 16 percent market share, and it has strong relationships with a number of important players, including Visa, ICICI Bank, Yes Bank, DBS Bank, and Kotak Mahindra Bank. Persistent Systems, Greenply, Tata Steel, and other major clients are a few.

Ace Investor Mr. Ashish Kacholia entered the stock in September 2022 and presently owns about 27.03 lakh equity shares, or 2.21 percent of the company, according to BSE statistics. His investment currently has a holding value of Rs. 80.8 crores.

Incorporated in 2011, Zaggle Prepaid Ocean Services is a Mumbai-based company. The business focuses in offering solutions for corporate gifts, employee tax benefits, rewards and recognition programmes, and spending management.