LIC-Backed IT Penny Stock Under Rs 40 Jumps 5 Per Cent After Partnering With Shriram Life Insurance To Offer Life Insurance Products Across Its Network

The stock’s 52-week high is Rs 37.72 per share and the stock is up by 89.50 per cent from its 52-week low of Rs 18.45 per share.

On Monday, shares of Vakrangee Ltd gained 5.40 per cent to Rs 34.96 per share from its previous closing of Rs 33.17 per share with over 19 lakh shares changed hands. The stock’s 52-week high is Rs 37.72 per share and the stock is up by 89.50 per cent from its 52-week low of Rs 18.45 per share.

Vakrangee Limited, a leading player in the fintech and last-mile delivery space, has entered into a strategic partnership with Shriram Life Insurance. This collaboration will significantly enhance the accessibility of life insurance products to customers across India, particularly in underserved and unserved regions. Through its extensive network of Vakrangee Kendras, the company will offer a diverse range of life insurance solutions from Shriram Life Insurance, empowering individuals with financial security and peace of mind.

Vakrangee Kendras, strategically located across the country, serve as one-stop shops for a wide array of services, including banking, insurance, ATM, e-commerce, e-governance, and healthcare. With a strong presence in Tier 4 to 6 locations, this partnership will ensure that life insurance reaches even the most remote corners of India. This initiative aligns perfectly with Vakrangee's commitment to providing convenient and accessible solutions to its customers.

Vakrangee remains dedicated to expanding its product and service offerings by forging strategic alliances with leading industry players. This approach aims to establish Vakrangee Kendras as the most trusted physical and online convenience store across India. By embodying the brand philosophy of "AB Poori Duniya Pados Mein" (The entire world in your neighbourhood), Vakrangee strives to bring a comprehensive range of essential services closer to its customers, enhancing their overall convenience and quality of life.

Vakrangee Ltd., established in 1990, is a technology-focused company that aims to bridge the digital divide. It operates a network of "Next-Gen Vakrangee Kendras," franchise-based, one-stop convenience stores offering a range of services to rural, semi-urban, and urban India. The company primarily focuses on BFSI services, including banking, insurance, and ATM facilities. Additionally, Vakrangee provides e-commerce and logistics solutions, such as assisted online shopping, healthcare, travel services, telecom and bill payments, and courier services, effectively catering to the diverse needs of its customers in underserved areas.

The company has a market cap of over Rs 3,700 crore and as of September 2024, the Life Insurance Corporation of India (LIC) owns a 5.07 per cent stake in the company. The company is almost debt-free as its current debt is just Rs 9.58 crore which is just 0.3 per cent of its current market cap. The shares of the company have a PE of 572x, an ROE of 4 per cent and an ROCE of 8 per cent. Investors should keep an eye on this Small-Cap IT stock.

Disclaimer: The article is for informational purposes only and not investment advice.