On Wednesday, October 9, shares of Eraaya Lifespaces were locked in the 5% upper circuit limit for the second consecutive trading session, reaching Rs 2,888. This was due to the company’s update on legal developments involving its subsidiary Ebix Singapore and Ernst & Young (E&Y).

Eraaya Lifespaces stock has been performing well, consistently reaching the 5% upper circuit limit recently, benefiting shareholders.

“Although a claim was filed by E&Y, after the Eraaya and Ebix teams engaged with E&Y and presented the true facts about the insolvency proceedings, E&Y opted to withdraw their petition, and the matter has since been amicably resolved. There is currently no pending litigation between Eraaya, Ebix, or any of the group’s subsidiaries, and no adverse financial consequences for any of the parties involved and related to this matter,” the company said in a regulatory filing on Tuesday.

Ebix Cash has secured a major three-year contract from Punjab National Bank (PNB) for Network Integrating Services, valued at about Rs 138.75 crore.

Since 2021, Ebix has been managing PNB’s entire network across India. This contract includes PNB’s extensive infrastructure, comprising 10,800 branches, 5,000 ATMs, and 4,000 PNB-sponsored Regional Rural Banks branches.

Additionally, as mentioned in the company’s regulatory filing on Monday, Ebix Cash will oversee the modern Data Centre in Delhi, the Advanced Network Operations Centre, the Disaster Recovery Centre in Mumbai, and 13 zonal offices and 131 circle offices.

At 14:08 pm, the shares of Eraaya Lifesciences were trading at Rs 2,888.65 at 5% Upper circuit on the BSE.

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