New Delhi: HDFC Bank, one of India's leading private banks, has made a new high after finalizing a three-year deal with Zaggle Software to offer its credit cards to domestic and international corporate clients. The bank hit a new 52-week high on 9th December 2024. HDFC Bank stock made a new 52-week high of ₹1879.1, outperforming the sector stock by 0.86%.

If we talk about moving averages, HDFC Bank stock is trading above its 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

At the same time, shares of Zaggle Prepaid rose 5% to its all-time high of Rs 550 on 9 December 2024. Announcing its second-quarter results, the company said that it achieved revenue of ₹ 302.6 crore, which is 64% more than the previous year. Along with this, the company has raised its revenue growth forecast for FY25 to 50-55%. Citing

Industry reports, Zaggle said that the global market for the company is growing at a rate of 10.2% every year, while the domestic market is estimated to grow at a CAGR of 15.5%. The US is a key opportunity for Zaggle as there is strong customer demand for its products.

The company recently acquired TaxSpanner, which will allow it to add tax services to its products. In addition, the company has also received board approval to invest in Mobileware Technologies, a payments infrastructure company. Meanwhile, Zaggle onboarded brands such as HDFC Ergo, Baroda BNP Paribas AMC, and Blue Star in its second quarter. The company has also emphasized on its merger and acquisition (M&A) strategy, exploring small tuck-in and large investment opportunities. The company is focused on expanding in the fintech space, such as the NBFC, payments, and SaaS sectors.

Zagal said it has approval to raise funds up to ₹950 crore, which will depend on the approval of the shareholders. Zagal's shares have seen a gain of 26% in the last one month and its share price has increased 2.5 times since the company's listing in September 2023. Star investor Ashish Kacholia owns a stake.