Shares of one of India’s largest Last Mile Distribution Platform with a Physical as well as Digital Eco-system surged 13.7 percent on BSE to Rs. 23.8 on Wednesday, after announcing a partnership with Star Health Insurance, as well as scheduling a Board meet to consider fundraising.
With a market capitalisation of Rs. 2,459 crores, at 11:04 a.m., the shares of Vakrangee Limited were trading in the green at Rs. 23.23, up by nearly 11 percent, as against its previous closing price of Rs. 20.94.
What’s the News:
According to the latest regulatory filings with the stock exchanges, Vakrangee Limited announced a strategic corporate agency tie-up with Star Health & Allied Insurance Co. Ltd., India’s largest retail health insurance company.
This partnership aims to provide easy access to a wide range of health insurance products through the Vakrangee Kendra network across India.
Vakrangee Kendras are exclusive format outlets offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-commerce, e-governance and total healthcare.
Benefits of the Partnership:
Through this collaboration, Vakrangee will offer a wide range of health insurance products from Star Health to its customers, ensuring enhanced penetration of health insurance services in remote and underserved regions of India.
Broad Accessibility: Star Health’s insurance products will now be available through over 21,900 Vakrangee Kendras, covering urban, semi-urban, and rural areas.
Affordable Health Coverage: Customers will benefit from a broad range of health insurance policies, including family floater plans, individual health policies, and critical illness coverage.
Financial & Social Inclusion Focus: By leveraging Vakrangee’s strong presence in remote and rural areas, this partnership will significantly drive health insurance adoption, providing financial protection and healthcare access to the underserved sections of society.
About Star Health Insurance:
Established in 2006 as India’s first standalone health insurance company, Star Health Insurance provides health, personal accident and travel insurance.
Star Health offers innovative products and seamless claims management, and specialises in tailored insurance plans for cancer, diabetes, cardiac conditions, senior citizens, women and children, making it a preferred choice in India’s health insurance sector.
Additional News:
Vakrangee Limited has also informed the stock exchanges post-market hours about its plans for raising of funds.
A Board meeting is scheduled to be held on Tuesday, 24th September 2024, to consider the proposal for fund raise by way of rights issues, warrants, preferential issues, a qualified institutions placement (QIP) or any other permissible mode and combinations deemed suitable.
Financials:
The company experienced marginal growth in its revenue from operations, showing a year-on-year rise of around 5.6 percent from Rs. 55.6 crores in Q1 FY24 to Rs. 58.7 crores in Q1 FY25.
Similarly, its net profit increased during the same period from Rs. 0.5 crores to Rs. 2.23 crores, indicating a rise of nearly 346 percent.
Stock Performance
The stock has delivered positive returns of nearly 33 percent of returns in one year, and around 14.6 percent of positive returns in the last six months. So far in 2024, the shares of Vakrangee Limited have given positive returns of about 19.6 percent.
About the Company:
Incorporated in 1990, Vakrangee Limited is engaged in providing real-time banking & financial services, white label ATM, insurance, e-governance, e-commerce (including healthcare services) and logistics services to the unserved rural, semi-urban and urban markets and enabling Indians to benefit from financial, social and digital inclusion.
Written by Shivani Singh
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