Rs 164 To Rs 289: IT Enabled Services Stock Rallies On Multiple Orders Win, Buy?

Shares of small cap company from the IT Enabled sector, Zaggle Prepaid Ocean Services Ltd witnessed rally of 14.06% in trade today as the company bagged back-to-back orders. Last trading price of Zaggle Prepaid shares on BSE is Rs 289.55 apiece. Zaggle Prepaid shares gained 25% in last 2-weeks and 33% year-to-date. Zaggle Prepaid shares were listed on bourses on September 22, 2023 and started trading on the exchanges at the IPO price of Rs 164 apiece. The stock has gained nearly 76.22% from its IPO price of Rs 164 per share. The company's market capitalisation is Rs 3,535.31 crore. Check details below:

Zaggle Prepaid Bags Enters Into Agreement With Bennet, Coleman & Co. Ltd: As per the BSE filing of the company dated February 20, 2024, "this is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Bennett, Coleman & Co. Ltd. Zaggle would providing Bennett, Coleman & Co. Ltd, the Zaggle Save proposition, a Benefits & Expense management platform."

Zaggle Enter Into Service Agreement With Easy Trip Planners: The BSE filing stated, "this is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Easy Trip Planners Limited (EaseMyTrip). Zaggle & EaseMyTrip will leverage its Existing Corporate base to sell Integrated Travel & Expense Management Solutions to Corporate Clients."

Zaggle Enters Into Service Agreement With Quess Corp: As per the regulatory filing of the company dated Feb 15, "this is to inform you that Zaggle Prepaid Ocean Services Limited ("Zaggle"), has entered into an agreement with Quess Corp Limited." The size of the order is Rs 10 crore per annum. The time period by which the order needs to be executed is 14th Feb 2024 to 31st Jan 2025.

Zaggle Enters Into Service Agreement With Axis Bank: The exchange filing of Zaggle stated, "this is to inform you that Zaggle Prepaid Ocean Services Limited ("Zaggle"), has entered into Service Provider agreement with Axis Bank Limited." Zaggle is contracted to provide services to Bank whereby Zaggle's accounts payable software & expense management software and the Axis bank Corporate Credit Cards are bundled and jointly offered to Zaggle corporate customers to drive card spends & greater usage of the software.

Zaggle also entered into services agreement with Lifestyle International Private Limited and the order size was Rs 7 crore, as per its Feb 9 BSE filing.

Zaggle Prepaid Shares Performance & Return: The 52-week high price of Zaggle Prepaid shares on BSE is Rs 298.80 apiece and 52-week low price is Rs 155.60 apiece, respectively. Zaggle Prepaid shares gained 25% in last 2-weeks and rallied 18% in last 3-months.

Should You buy Zaggle Prepaid? "Zaggle Prepaid surprised the Street with stronger-than-expected Q3 results with margin entering into double digits and EBITDA growing more than 2 times. Post results, the management was also confident in its business model and showed dedication in maintaining the upward trajectory in line with Q3 earnings, which rerated the counter with upgraded forward earnings," according to Prashanth Tapse, Senior VP of Research at Mehta Equities.

Prashanth Tapse said, technically Zaggle was in the consolidating range of Rs 200-240 and record-breaking performance led to action on prices too. From the trading perspective, Rs 330 can be a level to book profits in the short term.

About: Zaggle builds world-class financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Mehta Equities. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.