63 Moons shares rally 11%, take 6-day rise to 34%; MOFSL gives positional Buy call

63 Moons Technologies Ltd shares climbed 11 per cent in Friday trade and extended gains for the sixth straight session after the MPID Court in Mumbai ordered the cancellation of attachment of the company's assets under an earlier notification, subject to certain conditions.

Following the development, the stock climbed 11 per cent to hit a high of Rs 847.05 on BSE, taking its six-session rally to 34 per cent. The scrip had jumped 8.85 per cent on Thursday, 3.15 per cent on Wednesday, 3.52 per cent on Tuesday and 2.81 per cent on Monday.

MOFSL has issued a positional call on the stock with a target price of Rs 910, according to a Bloomberg report.

The fresh development follows the Mumbai bench of the National Company Law Tribunal (NCLT) approving, in November last year, the scheme of arrangement between National Spot Exchange Ltd (NSEL), a subsidiary of 63 Moons Technologies, and its 5,682 traders.

The settlement scheme envisaged payment of Rs 1,950 crore to 5,682 traders in proportion to their outstanding as on July, 31,  2024, against closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons.

In a filing to BSE on Thursday, 63 Moons said: "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. Some more release are expected in near future to bring final OTS for execution."

In August 2013, NSEL with the support of 63 Moons, had paid around Rs 179 crore to 7,053 smaller traders with outstanding of less than Rs 10 lakh.