Zaggle Prepaid Ocean Services shares rose about 3% in Thursday's session, extending a three-day rally to 16% after Vijay Kedia-backed Kedia Securities acquired 20 lakh shares in the company worth nearly Rs 33 crore.

The stake purchase was executed through a bulk deal, with the stock skyrocketing 17% following the transaction, ET Markets reported. Bulk deals — transactions that cross a specified quantity or value threshold in a single trade window — are disclosed by stock exchanges at the end of the trading session, which is how large stakes taken by well-known investors become visible to the wider market.

The sharp rebound comes just days after the stock had plunged 20% and hit the lower circuit — the exchange-imposed cap on how far a share can fall in a single session — on the back of a weak Q1FY27 earnings report, which showed profit after tax declining 33% year-on-year, according to ET Markets' earlier coverage. The contrast between the weak quarterly print and the marquee investor's entry leaves the company's next quarterly results and periodic shareholding disclosures as the key reference points for those tracking the stock.

Kedia Securities is an investment firm backed by Vijay Kedia, one of India's most closely followed individual investors, whose long-term small-cap bets are widely tracked by retail market participants. Zaggle Prepaid Ocean Services, a fintech company offering prepaid cards, corporate spend management and employee rewards solutions, was listed on Indian stock exchanges in September 2023 following its initial public offering.

Source: Economic Times Markets