Zaggle Prepaid shares gain over 4% as firm signs agreement with Hero MotoCorp

Shares of Zaggle Prepaid Ocean Services gained over 4% after the firm inked an agreement with Hero Motocorp. Zaggle will provide Hero Motocorp the Zaggle Save, its employee expense management and benefits. The stock climbed 4.14% to Rs 305 today against the previous close of Rs 292.85 on BSE. Zaggle stock opened higher at Rs 293.85 on BSE. Zaggle’s market cap rose to Rs 3674 crore. Total 0.43 lakh shares changed hands amounting to a turnover of Rs 1.30 crore on BSE.

In terms of technicals, the relative strength index (RSI) of Zaggle stands at 52.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 150 day moving averages.

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Zaggle Prepaid Ocean Services Limited (“Zaggle”), has entered into an agreement with Hero Motocorp Limited,” said the firm in a communication to bourses.

The stock has risen 37.43 per cent this year and gained 35.43% in six months.

Revenue climbed 46% to Rs 273.3 crore-highest ever-in Q4 on a year on year basis and surged 37% compared to the last quarter. 

On the EBITDA front too, the firm recorded its highest ever earnings figure on both quarterly and annual basis. EBITDA rose 53.9% to Rs 27.22 crore in Q4 against Rs 203.8 crore in the Q4 of FY23 .

Zaggle Prepaid Ocean Services, incorporated in 2011, provides fintech products and services to manage corporate business expenses through automated and innovative workflows. It had seven offices across the country with more than 1,750 customers, and over 1.7 million end users as of March 31, 2023.