Penny stock under Rs 6 in green as the company bags new orders worth Rs 50 crore and announces new subsidiary in Dubai

From Rs 2.66 per share (52-week low) to today’s intraday high of Rs 5.20 per share, the stock gave 95.5 per cent returns.

Vikas Lifecare Limited has achieved a significant milestone in its agro-products division by securing orders worth Rs 50 crore. This substantial order includes Rs 40 crore for premium rice varieties and Rs 10 crore for organic rice breeds. The announcement reflects Vikas Lifecare's strong market presence and its commitment to expanding its footprint in the premium and organic segments.

The company has set an ambitious target for the current fiscal year, aiming for a revenue of Rs 450 crore, representing a growth of over 20 per cent year-on-year. This follows a successful previous fiscal year where it achieved Rs 360 crore. The strategic acquisitions of agro-product processing facilities in Karnataka and Uttar Pradesh have significantly enhanced the company's capabilities, enabling it to meet the growing demands of the market effectively.

Additionally, the company announced the incorporation of a wholly owned subsidiary, VIKASH LIFE CARE INVESTMENT MANAGEMENT L.L.C, in Dubai, UAE. This strategic expansion, approved by the Department of Economic and Tourism, Dubai, marks a significant step in Vikas Lifecare's broader business strategy. The newly incorporated subsidiary has an authorized share capital of AED 10,00,000 divided into 1,000 shares of AED 1,000 each.

This venture is set to focus on investment in commercial enterprises and management, aligning with the parent company's objective of diversifying its investment portfolio and enhancing its presence in international markets. This development aligns with Vikas Lifecare's long-term goals of exploring new business avenues and strengthening its foothold in the investment sector, which promises to bolster its market position and offer robust financial growth prospects.

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Vikas Lifecare Limited, a dynamic and diversified business entity, is renowned for its robust operations in polymer and rubber compounds along with speciality additives for plastics and rubbers. As an ISO 9001:2015 certified company, it serves as a Del-Credere agent for ONGC Petro Additions Limited, and its subsidiary Genesis Gas Solutions Pvt. Ltd. is a leader in smart gas metering in India. The company has recently broadened its portfolio to include FMCG, agro-products, and infrastructure, further diversifying into entertainment with a focus on film production. Listed on both NSE and BSE, Vikas Lifecare continues to expand its business horizons aggressively.

Today, shares of Vikas Lifecare Ltd gained 4.21 per cent to Rs 5.20 per share from its previous closing of Rs 4.99 per share. The stock’s 52-week high is Rs 7.92 while its 52-week low is Rs 2.66. The company has a market cap of over Rs 800 crore. From Rs 2.66 per share (52-week low) to today’s intraday high of Rs 5.20 per share, the stock gave 95.5 per cent returns.

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