Multibagger penny stock under Rs 10: This small-cap company accomplished remitting USD 1.2 million for technology acquisition for manufacturing smart gas meters in India – know more here!
The stock gave multibagger returns of 166 per cent from its 52-week low of Rs 2.66 per share.
Vikas Lifecare Limited (VLL) informed an update on IGL Genesis (IGTL), a joint venture with GGSPL and IGL. IGTL has begun setting up a facility to produce Smart Gas Meters in India, using technology from Hangzhou Beta Meter (the world's largest gas meter manufacturer). Of the total cost of USD 2.4 million (approx. Rs 19.92), 50 per cent (USD 1.2 million or Rs 9.96 crore) has been paid with capital contributions from IGL and GGSPL (used by VLL) in a 51:49 ratio.
IGTL's gas meter manufacturing employs cutting-edge technology to guarantee highly accurate, reliable, and safe measurement of gas consumption over extended periods with wide-ranging capabilities. They utilise various established and modified technologies, including the diaphragm-based system from global leader Hangzhou Beta Meter, and state-of-the-art, fully automated equipment adapted for the Indian environment to create a seamlessly integrated smart factory. This ensures consistent, precise gas measurement while meeting local demands.
Vikas Lifecare Limited (VLL), a certified manufacturer and trader of polymer and rubber compounds, not only contributes to environmental protection with upcycled materials but also diversifies beyond raw materials into consumer products (FMCG, Agro, Infrastructure) and explores industries like tourism, hospitality, and entertainment. Listed on both BSE and NSE, VLL is an evolving company with aggressive growth plans.
Earlier, Vikas Lifecare Limited recently entering the entertainment industry through acquisitions, appointed industry veteran Mr Suresh Menon to its Board of Directors. As Vikas Lifecare aims for exponential growth in this new venture, Mr. Menon's experience and guidance in navigating the entertainment world and establishing a foothold in the Middle East and Asia will be invaluable. Mr. Menon is a legend in Indian comedy, known for his work on "The Kapil Sharma Show" and "The Comedy Circus," and has also acted in over 60 Bollywood films. His experience in the industry makes him a valuable asset to Vikas Lifecare.
On Friday, shares of Vikas Lifecare hit a 5 per cent upper circuit to Rs 7.10 per share from its previous closing of Rs 6.77 with an intraday high of Rs 7.10 and an intraday low of Rs 6.45. The stock gave multibagger returns of 166 per cent from its 52-week low of Rs 2.66 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.