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Business News/ Markets / Stock Markets/  Zaggle prepaid stock soars 14.5% to touch fresh all-time high after signing three business agreements
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Zaggle prepaid stock soars 14.5% to touch fresh all-time high after signing three business agreements

Zaggle Prepaid Ocean Services shares surged by 14.5% to hit a record high of ₹328.40 apiece after the company entered agreements with Nishi Forex, Benetton India, and Emcure Pharmaceuticals. The company is a prominent player in the business-to-business-to-customer (B2B2C) segment.

The company's shares debuted on Indian stock exchanges in September 2023 at ₹158 each, slightly below the listing price of ₹164. (REUTERS)Premium
The company's shares debuted on Indian stock exchanges in September 2023 at 158 each, slightly below the listing price of 164. (REUTERS)

The shares of Zaggle Prepaid Ocean Services have been consistently rising in recent trading sessions due to several positive developments. In today's intraday trading session, the stock surged by another 14.5% to reach a new record high of 328.40 per share.

This spike followed the company's announcement of entering into multiple agreements, securing future business opportunities. The company announced last week that it had entered into an agreement with Nishi Forex and Leisure, Benetton India, and Emcure Pharmaceuticals. 

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Zaggle is set to become a co-brand partner with Nishi Forex, an Authorised Dealer II for Forex cards. This partnership will involve activities such as sales and distribution, marketing, and campaigning, coupled with Zaggle's expense management services to drive card spends and increase software usage. 

The launch of the product is subject to RBI approval and will be conducted in due course. Additionally, Zaggle will provide Emcure Pharmaceuticals and Benetton India with the Zaggle Save proposition, a benefits & expense management platform, starting on February 22nd and 23rd, 2024, respectively. 

On February 21st, the company finalised a deal with Wipro Limited, extending to them the Zaggle Save proposition, a benefits & expense management platform. Additionally, an agreement was reached with Easy Trip Planners Limited (EaseMyTrip). 

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Zaggle and EaseMyTrip will utilise their existing corporate base to market integrated travel & expense management solutions to corporate clients.

Founded in 2011, the company is a prominent player in the business-to-business-to-customer (B2B2C) segment. The company specialises in delivering fintech products, including prepaid cards and software-as-a-service (SaaS) solutions, to corporate clients across various sectors. 

ZPOSL occupies a distinctive position at the convergence of the SaaS and fintech ecosystems. It offers a comprehensive SaaS platform geared towards addressing essential business functions, such as business spend management (covering expense and vendor management), rewards and incentives management for both employees and channel partners and a customer engagement management system (CEMS).

Also Read: If you like dividends you should love these 3 stocks

The company's shares debuted on Indian stock exchanges in September 2023 at 158 each, slightly below the listing price of 164. However, following its listing, the stock maintained a robust upward trajectory, leading it to currently trade 99% higher than its issue price.

At 12:45 p.m., the stock was trading with a gain of 13.5% at 325.80 apiece. 

Disclaimer: We advise investors to check with certified experts before making any investment decisions. 

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Published: 26 Feb 2024, 12:51 PM IST
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