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Stock market: Sensex off to a tepid start, Nifty50 tests 10,400

63 Moons climbs 5% as company moves HC to defreeze accounts

The domestic equity market opened on a flat note on Thursday. At 09:19 am, the S&P BSE Sensex was trading 7 points lower at 33,932 while the broader Nifty50 index of National Stock Exchange (NSE) slipped below the crucial 10,400 level to 10,397, down 19 points.

Shares of 63 Moons Technologies climbed 5 per cent in Thursday’s trade on reports that the company has moved against Maharashtra government’s directives to freeze the operating accounts of the company.

The state government attached the operating accounts and intellectual property rights of a market trading technology product Odin of the parent company of the scam-hit National Spot Exchange (NSEL).

The freezing of the company’s running accounts makes it difficult for 63 Moons to meet its statutory dues and pay salaries in the coming months.

The freeze on Odin’s IPR means that funds accruing to the company from sale of trading technology terminals to brokers would also not be accessed, reported. It also means the company will potentially be unable to sell the technology to a third party.

Following the development, the stock rose 5.07 per cent to hit a high of Rs 100.55 on BSE around 9.50 am (IST).

The attachment follows complaints by “a number of depositors” against NSEL, the state government note dated April 4 said.

63 Moons, formerly Financial TechnologiesNSE 4.30 %, had said in a press conference Wednesday that it would move court against the Maharashtra government order.

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Stock market: Sensex off to a tepid start, Nifty50 tests 10,400
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