Vijay Kedia, a well-known and experienced investor in the Indian stock market, is once again in the news for a new move. His investment firm Kedia Securities has bought its stake in ‘Zaggle Prepaid Ocean Services’, a digital expense management and SaaS solution company. Since the announcement of this big investment, there has been tremendous buying in the company’s shares and the stock has risen by more than 17% in the last 3 trading sessions.
Bought 1.48% stake through bulk deal
According to official data of NSE, this purchase has been done through a bulk deal. Kedia Securities has bought 20 lakh shares of Zagal Prepaid, for a total deal worth about ₹32.94 crore. This transaction has been done at an average price of ₹164.72 per share.
After this latest purchase, Kedia Securities’ total stake in the company has increased to approximately 1.48%. Market analysts believe that the placing of bets by veteran investors has also strengthened the confidence of small investors in this mid-cap stock.
Great rise after 8 days of continuous decline
The recent rally in this stock is very interesting, because just before this, Zagel Prepaid shares had seen heavy selling pressure for 8 consecutive trading sessions. Due to selling, the stock reached near its intraday record low.
However, the picture changed from August 18 and the stock closed 3.36% higher at ₹165.88 amid heavy trading volumes. After this, Zagel Prepaid shares jumped nearly 7% on NSE to reach an intraday high of ₹198.80 in Thursday’s trade.
Despite decline in profits in Q1, enthusiasm in stocks
On one hand, while the recent financial results of the company have been a bit weak, on the other hand, investors are enthusiastic due to this big bulk deal. According to Q1FY27 results released by the company on August 14, Zaggle Prepaid reported a consolidated net profit of ₹17.53 crore, down about 32.9% from ₹26.11 crore in the same quarter last fiscal. Despite weak results, the rise in shares due to the entry of veteran investors remains the center of attraction among investors.