52-Week High Alert: LIC-Backed Multibagger Penny Stock Under Rs 40 To Keep Under Radar; Here’s Why
The stock also made a new 52-week high of Rs 37.72 per share and gave multibagger returns of over 130 per cent from its 52-week low of Rs 16.15 per share.
On Tuesday, shares of Vakrangee Ltd gained 5.57 per cent to an intraday high of Rs 37.72 per share. The stock also made a new 52-week high of Rs 37.72 per share and gave multibagger returns of over 130 per cent from its 52-week low of Rs 16.15 per share. At the closing bell, shares of the company were trading at Rs 34.93 per share, down 2.24 per cent and saw a spurt in volume by more than 1.01 times on BSE.
The company hereby informs that it has allotted 25,00,000 equity shares to VandV Trading Private Limited following the partial conversion of an equal number of warrants. The company's board approved this allotment of directors through a circular resolution. The equity shares issued will rank pari-passu with the existing equity shares. As a result of this allotment, the company's issued and paid-up equity share capital has increased to Rs 108,31,88,207 consisting of 108,31,88,207 equity shares of Re 1 each. The allotment was made on a preferential basis, under Chapter V of the SEBI ICDR Regulations.
The strategic alliance between Vakrangee Limited and Star Health & Allied Insurance Company Ltd. is a pivotal development in India's healthcare insurance sector. By combining Star Health's expertise in providing personalised insurance solutions with Vakrangee's vast network of Kendras, this partnership seeks to address the disparity in healthcare accessibility, particularly in rural and underserved regions. Through Vakrangee's extensive reach, Star Health's affordable health insurance products will be made available to millions of Indians, fostering financial protection and driving significant health insurance adoption. Key features of this collaboration include the widespread availability of Star Health's insurance products through Vakrangee's 21,900+ Kendras, offering affordable health coverage options and a strong focus on financial and social inclusion. By leveraging Vakrangee's presence in remote areas, this partnership will substantially enhance access to healthcare services and provide financial security to underserved sections of society. This alliance aligns with Vakrangee's vision of becoming the most trusted convenience store in India, offering a comprehensive solution for all customer needs.
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About the Company
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 June 2024, the Life Insurance Corporation of India (LIC) owns a 6.11 per cent stake in the company. The company is almost debt-free as its current debt is just Rs 12 crore which is just 0.34 per cent of its current market cap. The shares of the company have a PE of 587x, an ROE of 3 per cent and an ROCE of 7.3 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.