Penny stock below Rs 5 in green after the company announces debt reduction program; making a 78 per cent reduction from the peak level – details inside!
The stock is up 93.3 per cent from its 52-week low of Rs 2.38 per share.
Vikas Ecotech Limited announced that we have re-paid another Rs 7.5 crore0 to the bankers as part of its pre-defined debt reduction programme.
The company whilst sprinting towards the targeted debt reduction numbers, initiated the process during August-September 2021 and since then the company has re-paid a total of Rs 126.2 crore to the bankers; thus, reducing the total bank debt from the peak of Rs 161.2 crore approx. to about Rs 35 crore currently, making a 78 per cent (approx.) reduction from the peak level.
Today, shares of Vikas Ecotech Ltd gained 3.60 per cent to Rs 4.60 per share from its previous closing of Rs 4.44. The stock’s 52-week high is Rs 5.09 and its 52-week low is Rs 2.38. The stock is up 93.3 per cent from its 52-week low of Rs 2.38 per share.
Vikas Ecotech Ltd. is a New Delhi-based company engaged in the business of speciality polymers & speciality additives and chemicals for plastics & rubbers industries, catering to a wide horizon of applications in agriculture, infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, medical devices and components and other consumer goods.
Vikas Ecotech is the only manufacturer of organotin (heat stabilisers for vinyl applications) in India with in-house R&D facilities and is one of the single-digit number of manufacturers of this product worldwide, who have the technology and expertise for manufacturing this material right from tin metal to the final product.
Vikas Ecotech is continuously working towards expanding its business and product portfolio, and in the process, The Company recently acquired 100 per cent equity in a plasticizer manufacturing business valued at an enterprise value of Rs 27 crore in an all-cash deal.
Vikas Ecotech ventured into infrastructure development products during FY 2021-2022 by supplying infrastructural steel to renowned civil & public construction companies in the northern Indian region. Most recently, Vikas Ecotech signed the agreement to acquire 100 per cent equity in Shamli Steel Private Limited, a company engaged in manufacturing Infrastructural Steel (Bars & Raw Materials) at a negotiated enterprise value of Rs 160 crore.
The stock’s 52-week high is Rs 5.09 and its 52-week low is Rs 2.38. The stock is up 93.3 per cent from its 52-week low of Rs 2.38 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.