Vijay Kedia's ₹33 cr bet sends this stock 17% higher
Ace investor Vijay Kedia's firm, Kedia Securities, made a significant investment in digital expense management and SaaS solutions company Zaggle Prepaid Ocean Services. The company purchased 20 lakh shares of Zaggle for Rs 33 crore, driving the stock price up by 17% on Wednesday. Kedia Securities bought the shares at an average price of Rs 164.72 each in a bulk deal, slightly below the day's closing price of Rs 165.88 per share.
The stock had been struggling since August last year when it reached a 52-week high of Rs 418. Over the past year, the share price had halved, falling to a new 52-week low of Rs 154 apiece. Zaggle's earnings were weak, with net profit declining by more than 32% year-on-year to Rs 17.53 crore in the April-June quarter of FY27, compared to Rs 26.11 crore in the same period last year.
The adjusted EBITDA margin also dropped to 8.2% in Q1 FY27 from 10.1% in the same quarter of FY26, attributed to expenses related to the Dice acquisition. Revenue from Dice contracts was not included in Q1 FY27 figures and will begin reflecting in Q2 FY27.
Zaggle's Founder and Executive Chairman, Raj P Narayanam, stated that Q1 FY27 marked an important inflection point for the company as it transitioned from a decade of profitable growth to a phase of transformation through consolidation. The focus now is on optimizing core operations, scaling AI across platforms, integrating recent acquisitions, calibrating capitalization, and improving cash flow discipline to achieve higher-margin growth in the future.
Kedia Securities' stake acquisition in Zaggle boosted investor sentiment, causing the stock price to rally over 17% to trade at Rs 194.70 per share on Wednesday morning. However, the stock later retreated slightly to trade around 10% higher at Rs 182.66 per share. Despite the strong gains on Wednesday, Zaggle Prepaid Ocean Services shares remain down over 9% in the past week, 14% down in the past month, and 27% down in 2026.
Overall, the stock has fallen more than 55% in one year. The company has a market capitalization of nearly Rs 2,461 crore and a P/E ratio of 17.13.
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