Shares of this micro-cap company jumped approximately 4 percent in Thursday’s trading session after the company received a patent for the plastic recycling process. In the last six months, the company’s stock gained nearly 20 percent for its stakeholders.
With a market capitalization of Rs 954.56 crores, the stocks of Vikas Lifecare Limited started their trading session on Thursday at Rs 5.75 and currently trade at Rs 5.91, gaining around 4 percent as compared to the previous closing levels of Rs 5.69 apiece.
Such bullish behavior of the company’s stock was observed after it published a regulatory filing with the Bombay Stock Exchange (BSE) intimating that the company has received another patent from the “Indian Patent Office” for an innovative multi-layered plastic recycling process.
Multi-layered plastics are aggressively used in the food and packaging industry due to their non-toxic properties, lightweight nature, resistance to humidity & bacteria, and good barrier properties.
Previously, the company, back in October 2022, had received the patent for the technology developed for recycling waste plastics for the purpose of making interlocking tiles and pallets for Industrial applications.
During the recent financial quarters, the company has reported underperforming numbers as far as its operating revenues and net profits are concerned. The former slipped from Rs 116.03 crores during Q2FY24 to Rs 99.28 crores during Q3FY24, and the latter, keeping the timeframe the same, transitioned from profits of Rs 7.65 crores to losses of Rs 3.87 crores.
According to the latest shareholding pattern data available for the quarter ended December 2023, the company’s Promoters hold a 11.4 percent stake, and the Public (retail) investors hold a 88.58 percent stake in the company.
Incorporated in 1995, Vikas Lifecare Limited is an India-based company engaged in the business of trading polymers and polymer additive-related chemicals, plastics, and iron & steel products. The company also exports the products included in its portfolio.
Written by Amit Madnani
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