63 Moons Technologies shares rise 15% in afternoon session, here's why

Shares of 63 Moons Technologies climbed 15% on November 28 after the National Company Law Tribunal (NCLT) cleared the National Spot Exchange settlement scheme, indicating progress towards resolving long-standing dues. The approval marks a significant move towards financial closure for the affected parties and was met by increased trading activity, with the stock reaching an intraday high on the news.

Shares of the IT firm rose 14.95% to Rs 899 in the  current session against the previous close of Rs 782.05. Market cap of the firm stood at Rs 4127 crore.  

Under the court-sanctioned settlement, Rs 1,950 crore will be distributed among 5,682 traders in proportion to their outstanding dues as of July 31, 2024. The scheme, jointly proposed by NSEL and its parent 63 moons technologies, was presented to the NCLT as a one-time, full-and-final resolution for the impacted trading community, with the proposal having originated from the NSEL Investors Forum.

This is not the first relief initiative by NSEL and 63 Moons. In August 2013, approximately Rs 179 crore was paid out to assist 7,053 smaller traders, each with dues of up to Rs 10 lakh. The company’s renewed efforts demonstrate a continued focus on addressing outstanding obligations to traders.