Zaggle Shares Rise After Vijay Kedia Firm Acquires Stake
Zaggle Prepaid Ocean Services shares surged over 12% after veteran investor Vijay Kedia's firm bought a 1.48% stake in the fintech SaaS company.
Shares of Zaggle Prepaid Ocean Services experienced a significant increase of over 12% on the BSE on Thursday, following the acquisition of a 1.48% stake by Kedia Securities, a firm associated with veteran investor Vijay Kedia.
The transaction involved Kedia Securities purchasing 20 lakh shares for approximately ₹32.94 crore in a bulk deal on Wednesday. The acquisition price per share was ₹164.72.
This market activity followed a period of notable selling pressure on Zaggle shares earlier in the week. The decline was triggered by the company's financial results for the June quarter of fiscal year 2026-27, which revealed a 33% year-on-year and 57% quarter-on-quarter drop in consolidated net profit to ₹17.5 crore. Operating revenue saw a 28% year-on-year increase but a 32% sequential decrease, amounting to ₹423.3 crore.
Zaggle also disclosed that the Commissioner of Income Tax (Appeals) dismissed its appeal against a ₹4.09 crore income-tax demand. The company attributed its reduced profitability to increased expenses, including costs associated with the acquisition of enterprise spend management startup Dice Enterprises in May, integration costs for the acquired credit card fintech Rio.Money, and salary increments.