On Monday shares of this small-cap company rose up to 11% after the company plans to acquire a 48.5% stake in Vortex Engineer Pvt Ltd company. As a result of strong and rising volume that is higher than usual when compared to the previous day and week, the stock price has remained high. This stock has delivered 10% returns in the past five trading days.
Vakrangee Limited
Vakrangee Limited the company belongs to a small-cap category, with a market capitalisation of Rs. 1,880 Cr. On Monday at 03:00 p.m., shares were trading 9.7% up at Rs. 18.05 on NSE.
According to the company filing, Vakrangee Limited has entered into a binding term sheet with a private equity investor to acquire a 48.5% equity stake in Vortex Engineering Pvt Ltd. Through this acquisition Vakrangee will achieve backyard integration which would benefit in better controls & scalability.
One of the top suppliers of automated teller machines (ATMs), is Vortex Engineering Pvt Ltd. It manufactures and sells the most affordable ATMs available using patented technology.
As per the company filing, Vakrangee’s total revenue increased by 14% YoY from Rs. 48.71 Cr in Q1 FY23 to Rs. 55.89 Cr in Q1 FY24 and the company reported a net profit of Rs. 0.49 Cr in Q1 FY24 against profit of Rs. 0.06 Cr in Q1 FY23.
As of June 2023, promoters hold 42.60%, the public hold 46.96%, FIIs hold 4.11% and DIIs hold a 6.33% stake in the company.
One of India’s major Last Mile Distribution Platforms, Vakrangee has a presence across PAN INDIA and a physical and digital eco-system in place. The company offers services in banking, insurance, ATMs, e-commerce, e-governance, and logistics.
Written by Sheshadri N
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