Vakrangee hits upper circuit for second consecutive day

The stock of Vakrangee surges for the second consecutive day on Tuesday after the company released a survey report of its services by Grant Thornton. The stock was up 5 per cent in morning trade.

After a bad run in the second half of 2018, the stock of Vakrangee seems to be charting a path of recovery in 2019. The company has informed the exchange that Grant Thornton has released an Interim Survey Report on its NextGen centres. Grant Thornton is an independent audit, tax and advisory services company with 15 offices across India. Vakrangee had appointed the company as a consultant to conduct a quality check of its franchisee network. 

Grant Thornton visited 95 Next Gen Vakrangee Kendras located in Mumbai Metropolitan Region (MMR) and National Capital Region (NCR). The survey found that these centres are popular among citizens for banking and ATM services, while more focus is needed to drive e-commerce and e-governance services. 

This third-party validation was cheered by the market and the stock of Vakrangee was stuck in its upper circuit limit of 5 per cent during the morning session on Tuesday. At 10:14 hours, Vakrangee was at Rs. 37.85 per share, with no sellers. While the benchmark index had turned positive after trading in red in the post-opening session. S&P BSE Sensex was at 35,962.00, up by 111.84 points or 0.31 per cent.