Penny stock under Rs 5: This micro-cap stock announced debt reduction programme; target to become debt free in FY24!
From 0.17 per share to Rs 3.04 per share, the stock gave multibagger returns of over 1,690 per cent in 16 years.
Vikas Ecotech Ltd updated the captioned subject that the company has paid back another Rs 50 million approx., taking the total amount of bank debt down to Rs 600 million approx and the overall bank-debt reduction of Rs 1012 million till date from the peak.
The Company intends to pay back an additional Rs 100 million before the close of this quarter, bringing down the debt levels to Rs 500 million approx., paving the way towards becoming a 'ZERO Debt Company' within F.Y.2023-24. The company has set a goal for becoming a 100 per cent debt-free entity within FY 2023-2024 under a debt reduction program, on persistence and support extended by the promoters of the company.
Additionally, the Company has paid back Rs 70 million approx., taking the total amount of bank debt down to Rs 650 million approx. and the overall bank-debt reduction till date from the peak to Rs 962 million.
Earlier, the company announced a groundbreaking initiative aimed at establishing a world-class research laboratory that meets international standards and achieves NABL Accreditation. VEL has taken a significant stride towards enhancing its research capabilities by adding high-end scientific laboratory instruments.
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Today, shares of Vikas Ecotech Ltd surged 1.67 per cent to an intraday high of Rs 3.04 per share from its previous closing of Rs 2.99. From 0.17 per share to Rs 3.04 per share, the stock gave multibagger returns of over 1,690 per cent in 16 years. The company has a market cap of Rs 290 crore.
Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.