Zaggle Shares Rally 5% To Hit Upper Circuit

SUMMARY

With the spike in its share price, the company’s market capitalisation zoomed to INR 4,781 Cr at 11:42 AM

Zaggle on Tuesday announced that it’s partnering with Google through its Indian distributor, Redington (India) Limited

The stock in the last one year has given a return of over 21%

Shares of fintech SaaS major Zaggle hit the upper circuit as it jumped 5% to touch INR 356.30 during the intraday trading session on the BSE today (February 20).

With the spike in its share price, the company’s market capitalisation zoomed to INR 4,781 Cr at 11:42 AM.

This comes after the company on Tuesday announced that it’s partnering with Google through its Indian distributor, Redington (India) Limited, to introduce a programme which aims to boost business efficiency while providing employees access to premium technology through structured leasing options.

The programme, Smart Employee Purchase (EPP+), will integrate with Zaggle’s employee benefits plan, helping businesses manage expenses and improve employee engagement.

The stock in the longer run has given a return of over 21% in the last one year at the current market price, but in the last one month it lost almost 34%. It has ended in the red in five out of the last seven sessions on BSE.

The surge in Zaggle’s share price today is in contrast with the fall in benchmark indices today.

A few days ago, Zaggle’s promoters and promoter group increased their stake in the fintech SaaS company by acquiring 25,000 shares from the open market. After this, the group’s total holding in Zaggle stands at around 44.03% from 44.01% previously.

Founded in 2011 by Raj Narayanam, Zaggle currently provides expenses, payments, and corporate employee benefits solutions to enterprises. It offers a range of SaaS products, such as Zaggle Save for managing expenses and rewards, Zaggle EMS for expense management, and Zaggle Propel for employee rewards and incentives.

On the financial front, Zaggle’s net profit jumped 30% to INR 19.74 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 15.22 Cr in the year-ago quarter. However, its profit declined 3% from INR 20.29 Cr on a quarter on quarter (QoQ) basis.

The company’s operating revenue increased both on a YoY as well as QoQ basis. Zaggle’s operating revenue surged 69% to INR 336.89 Cr in Q3 FY25 from INR 199.51 Cr in the year-ago quarter. On a QoQ basis, it rose 11% from INR 302.56 Cr.

The stock closed the trading session today at its upper circuit price INR 356.30 on the BSE.