LIC backed penny stock under Rs 40: This micro-cap IT company signs MoU with Wafer Lead Pvt Ltd (Singapore)!

Life Insurance Corporation of India (LIC) owns 65,86,464 share or 6.22 per cent stake in the company.

VL E-Governance & IT Solutions Limited (VL E-Governance) has signed the M0U with Wafer Lead Pvt Ltd (Singapore) to promote joint Business of Silicon Carbide, 3rd generation semiconductors design and engineering and manufacturing and ecosystem and technology infrastructure development and investment of mutual interest in accordance in multiple industry sectors namely aerospace, defence, automotive and power electronics etc.

Under this MOU, VL E-Governance & IT Solutions Limited operational role is to co-lead the technology, design, engineering and manufacturing, project management, Business development, Contract Management and Regulatory compliance.

Wafer Lead Pvt Ltd, a Singapore-based company specializing in semiconductor wafer fabrication and research and design engineering, has signed an agreement with United Monolithic Semiconductors (UMS), a European leader in RF MMIC products and foundry services, and CM Engineering Labs, Singapore Pvt Ltd. (CMLS), a provider of design services in RF circuits and RF Transmit/Receive modules. This collaboration aims to leverage the expertise of each company to develop and manufacture advanced RF products for various applications, including defence and space, telecommunications, automotive radar, and industrial sensors.

The parties involved in this agreement have agreed to collaborate in various areas related to silicon carbide (SiC), gallium nitride (GaN), and gallium arsenide (GaAs) technologies. This collaboration includes the exchange of technical and commercial information, joint development of new technologies, and cooperation in manufacturing, sales, and investment. The specific areas of collaboration include the development of SiC-based methodologies, SiC-based devices, SiC manufacturing process technologies, GaN-based electronic devices, and GaAs-based electronic devices.

VL E-Governance & IT Solutions Limited is a subsidiary of Vakrangee Limited, specialized in e-governance services, IT/ITES system integration, B2B trading, and IT/ITES equipment trading. With extensive experience and execution capabilities, the company has undertaken large-scale e-governance projects, land record digitization, and international projects.

On Monday, shares of VL E-Governance & IT Solutions Ltd gained 1.13 per cent to Rs 30.35 per share with an intraday high of Rs 32.48 and its 52-week low is Rs 30.21. The shares of the company saw a spurt in volume by more than 2.08 times on BSE. Life Insurance Corporation of India (LIC) owns 65,86,464 share or 6.22 per cent stake in the company. Investors should keep an eye on this micro-cap IT stock.

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