The small cap technology company opened Friday’s trading session on a positive note as it partnered with Karnataka bank to provide banking services across PAN India.
With a market capitalization of Rs. 2,038.5 cr,the shares of Vakrangee opened its today’s trading session today on higher note ,indicating a gain of around 2 % as compared to previous close. The shares opened at a level of Rs. 20 and are currently trading at Rs 19.60 level.
Higher opening was observed after the company regulator filing with the exchange on 19 october, informing that it has partnered with Karnataka bank to provide banking service across PAN India.
The partnership to offer seamless digital and assisted banking services to the remotest part of the company. Ensure high scalability and quick turnaround in activation of banking business correspondent point services. From this partnership the company will be able to provide key business services such as cash deposit, E-KYC, maintenance of saving and current account and loan products.
This association will enable Vakrangee to allow its customers to get access to banking services in the most remote parts of the country. Vakrangee Kendras are exclusive Branded format outlets offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and Total Healthcare. with 84% of Vakrangee Kendra outlets in Tier-4 to 6 locations.
The shares of Karnataka Bank were trading at Rs 235 levels till the afternoon.
The revenue of the technology company increased to Rs 55.95 cr during the June quarter FY24 compared to 50.94 in March quarter And the consolidated profit declined to 49 Lakh during Q1 FY24 from Rs 68 lakhs in previous quarter.
Looking at the important financial ratio of the company, Return on equity (RoE) was at 0.81 percent in FY 22-23 and Return on Capital Employed was at 2.49 percent for the same period.
According to the latest shareholding pattern, promoters of the company have 42.6 percent holdings, the public holds 47.13 percent, meanwhile FIIs DIIs have taken 3.97 percent and 6.30 percent shares, respectively.
Vakrangee offers assisted e-commerce services and logistic services enabling the customer to access services such as online shopping,healthcare,telecom and bill payment services,travel services and logistic services at best price. In the next few years it has a vision to set the world’s largest franchise based distribution channel.
Written by Vaibhav Patil
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