Shares of Zaggle Prepaid Ocean Services Ltd. rose 5% to hit the upper circuit as it signed an agreement with HDFC Bank Ltd. to provide its credit card to corporate customers across industries.
The company has to execute the contract within a timeframe of three years, according to an exchange filing on Monday.
Monday
In an interview with NDTV Profit, Avinash Godkhindi, managing director and chief executive officer of Zaggle, announced a seven-year agreement with Mastercard for product distribution.
As part of the deal, Mastercard will refer the Zaggle SaaS platform, along with its payment and card products, to corporate clients and other entities within the ecosystem. "The agreement is very valuable and a great win for the company," he said.
“MasterCard went through an extensive process of evaluating a whole host of spend management companies before they zeroed in on Zaggle to be able to take the solution to their ecosystem per se. This is a great win for us, and this is something that can be very valuable for us in the medium to long term. Short term as well, because this is basically, we have already integrated with Mastercard, the PDF files, etc.,” Godkhindi added.
The stock on Monday rose as much as 4.99% to Rs 550.75 apiece. It pared gains to trade 4.96% higher at Rs 550.55 apiece, as of 3:54 p.m. This compares to a 0.24 decline in the NSE Nifty 50 Index.
It has risen 126.05% in the last 12 months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 78.55.
Out of one analyst tracking the company, the analyst maintained a 'buy' rating, according to Bloomberg data.
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