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Business News/ Markets / Stock Markets/  63 moons Technologies share price locked at 10% upper circuit on strong Q1 numbers
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63 moons Technologies share price locked at 10% upper circuit on strong Q1 numbers

63 moons Technologies share price surges 10% following positive Q1FY24 results, with analysts predicting further growth.

63 moons share price opened at ₹271.95 apiece on BSE and the stock was hovering near its 52-week high level. Premium
63 moons share price opened at 271.95 apiece on BSE and the stock was hovering near its 52-week high level.

63 moons Technologies share price was locked in 10% upper circuit limit on Wednesday's trading session following positive Q1FY24 numbers. The company's performance was significantly better than it was during the same time last year.

63 moons share price opened at 271.95 apiece on BSE and the stock was hovering near its 52-week high level. 63 moons stock price touched an intraday high of 279.55 and intraday low of 261.50.

Analysts believe the 63 moons tech share price will continue this upward trend in the near term and is bullish on the stock.

"63 moons stock price has hit 10% upper circuit backed with increased volumes, the positive momentum is likely to continue in the near term where 310 - 330 can be expected in near term. Bullish gap left around 260 will act as support," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

According to trendlyne data, 63 moons share price rose 49.1% and outperformed its sector by 41% in the past year.

In Q1FY24, the company recorded a 200% increase in revenues to 111 crore. The company reported 37 crore in operating revenue for the same time previous year. In contrast to the 19 crore loss reported during the same period last year, the operating profit for the June quarter was 47 crore.

Additionally, the net profit for the first quarter of FY24 was 51 crore, a significant improvement from the net loss of 9 crore in the first quarter of FY23. Impressively, the net profit showed a sequential growth of 920%.

63 moons Technologies provides consultancy, computer programming, and other related services. Its one of the world's pioneers in providing technical intellectual property (IP) and domain knowledge for the development and trading of next-generation financial markets that are transparent, effective, and liquid across all asset classes, including stocks, commodities, currencies, and bonds, among others.

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Published: 09 Aug 2023, 02:41 PM IST
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