Shares of a small-cap stock hit the 10% upper circuit on Tuesday’s early trades to reach an intraday high of ₹ 278.95 apiece. This happened after the company announced stellar results for the first quarter of the financial year 2023-24.
According to an exchange filing, 63 Moons Technologies reported a 181.74% increase in its revenue from operations to ₹ 114.98 crores in Q1FY24 (April to June 2023), compared to ₹ 40.81 crores in the corresponding quarter last year. Moreover, it reported a profit of 39.37 crores in the latest quarter, compared to a loss of ₹ 3.20 crores in the same quarter last year.
63 Moons Technologies is engaged in computer programming, consultancy and related services. It has developed a variety of financial market software that simplifies trading and settlement of multi-asset and multi-currency products, that help any exchange to operate in local or cross-border markets.
In another development, it re-appointed Kanekal Chandrasekhar as a non-executive independent director for a period of five consecutive years, with effect from September 18, 2023.
With a market capitalization of ₹ 1,169 crores, 63 Moons Technologies is a small-cap company. It has a negative return on equity of 0.53% and an ideal debt-to-equity ratio of 0.00. Its shares were trading at a price-to-earnings ratio (P/E) of 69.73, which is slightly higher than the industry P/E of 58.75, indicating that the stock might be undervalued as compared to its peers.
Retail investors hold a 49.09% stake in the company, its promoters hold a 45.63% stake, foreign institutions hold 5.16% and other domestic institutions hold a 0.12% stake in the company.
Written by Simran Bafna
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
