Shares of this financial solutions provider gained as much as 5 per cent after the company entered into an agreement with Torrent Gas Limited to implement Close Loop Fleet program worth Rs. 200 crores.
With a market capitalization of Rs 2,642.78 crore, shares of Zaggle Prepaid Ocean Services Ltd were trading at Rs 216.10 per share, rising around 3.52 percent compared to the previous closing price of 208. 70 rupees each.
According to the company document, Zaggle Prepaid Ocean Services Ltd has signed an agreement with Torrent Gas Limited to carry out the Close Loop Fleet program worth Rs. 200 crores. This agreement has a duration of two years.
Zaggle Prepaid Ocean Services Ltd's revenue increased by 41 percent from Rs 130.34 crore in Q2FY23 to Rs 184.24 crore in Q2FY24. During the same period, Net profit also increased by 0.5 per cent from Rs 7.55 crore to Rs 7.59 crore.
Zaggle Prepaid Ocean Services Ltd. reported profitability ratios in the last financial year with a return on equity (ROE) of 101 percent and a return on capital employed (ROCE) of 33.5 percent.
Zaggle has established a niche market in India by providing a solution for both expense management (payment instruments) and workforce management (SaaS). Diversification creates complexity in procedures, offers, rules and internal operations, making it difficult for new entrants to enter.
As per the recent shareholding pattern of Zaggle Prepaid Ocean Services Ltd, promoters of the company own 44.07 percent, while retail shareholders own 31.80 percent stake in the company and foreign institutional investors own one stake. of 15.60 percent.
Zaggle creates world-class financial technologies and solutions to help corporations, SMEs, and startups manage their business expenses through creative and automated workflows.
Written by:- Abhishek Singh
Disclaimer
The opinions and investment advice expressed by investment experts/brokerage houses/rating agencies on tradebrains.in are their own and not those of the website or its management. Investing in stocks involves a risk of financial loss. Therefore, investors should exercise due caution when investing or trading in stocks. Dailyraven Technologies or the author are not responsible for any losses caused as a result of the decision based on this article. Consult your investment advisor before investing.
