In an exchange filing on Monday, Zaggle stated, “Zaggle Prepaid Ocean Services Limited has entered into an agreement with HDFC Ergo General Insurance Company Limited.”
Under the agreement, Zaggle will provide the Zaggle Propel reward platform (for channel rewards and recognition) to HDFC Ergo’s channel partners.
The agreement will remain in effect until August 31, 2025, unless terminated earlier as per the terms outlined.
In today’s session, Zaggle shares surged over 14% on the BSE. The stock has also rallied 90% year-to-date.
As of June 2024, Kacholia held a 2.4% stake in the company, up from 2.2% in the December quarter and 1.7% in September 2023, reflecting his consistent increase in holdings.According to Trendlyne, which tracks the latest corporate shareholdings, Kacholia holds 38 stocks with a total net worth exceeding Rs 3,028.4 crore. Some of his notable investments include Dhabriya Polywood, Brand Concepts, NIIT Learning, Shaily Engineering Plastics, and Awfis Space Solutions, among others.As per Trendlyne data, the average target price of the stock is Rs 445, indicating an upside of 8% from the current market prices. The consensus recommendation from one analyst for the stock is a ‘Strong Buy’.
On the technical front, the company’s relative strength index (RSI) stands at 59.7, suggesting the stock is neither overbought nor oversold. Zaggle is currently trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
Founded in 2011 and headquartered in Hyderabad, Zaggle Prepaid Ocean Services is a financial technology (FinTech) company offering automated solutions for managing business expenses. Its platform includes tools for employee benefits, expense management, and corporate gifting.
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