homemarket Newsstocks News63 Moons Technologies stock hits upper circuit as Supreme Court upholds merger with NSEL

63 Moons Technologies stock hits upper circuit as Supreme Court upholds merger with NSEL

63 Moons Technologies stock hits upper circuit as Supreme Court upholds merger with NSEL
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By Mousumi Paul  Apr 30, 2019 12:53:39 PM IST (Updated)

Shares of 63 Moons Technologies rose 10 percent after Supreme Court’s judgement against the government decision to merge 63 Moons with crisis-ridden National Spot Exchange Limited (NSEL).

Shares of 63 Moons Technologies rose 10 percent after Supreme Court’s judgement against the government decision to merge 63 Moons with crisis-ridden National Spot Exchange Limited (NSEL).

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At 11:35 AM, the stock was up 9.96 percent at Rs 125.30 per share on the NSE with 11,10,510 shares exchanging hands.
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The apex court allowed an appeal against a Bombay High Court order that upheld the merger decision.
"We have allowed the appeal," said a bench of Justice Rohinton Fali Nariman and Justice Vineet Saran in their judgment setting aside the high court order.
Justice Nariman said that the bench has set down certain norms that includes the objective criteria and public interest for taking recourse to such a merger.
NSEL is a subsidiary of 63 Moons and its settlement guarantee fund (SGF) had a corpus of Rs 790 crore.
63 Moons had moved the Supreme Court challenging the high court's verdict giving nod to the government decision to merge it with its loss making subsidiary NSEL.
On January 30, the shares of 63 Moons rose 17 percent higher after the apex court rejected petitions against a Bombay High Court order that stayed attachment of assets of 63 Moons Technologies.
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