Ashish Kacholia-backed smallcap stock surges 20% in 2 days, hits 52-week high; here's why
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Shares of smallcap firm Zaggle Prepaid Ocean Services, backed by ace investor Ashish Kacholia, surged 20% over the past two trading sessions on the BSE, hitting a 52-week high of Rs 420. The rally followed the company’s announcement of a partnership with HDFC Ergo General Insurance Company. 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 Sept...