Penny stock below Rs 5: This micro-cap company approved purchase of equity stake in Baleshwar Kharagpur Expressway Ltd and Shamli Steels Pvt Ltd – details inside
The stock is up over 70 per cent from its 52-week low of Rs 2.38 per share.
Vikas EcoTech Ltd informed that the Board of Directors of the company in their meeting held today i.e. on Monday, January 22, 2024, at the Registered Office of the Company at 34/1, Vikas Apartments, East Punjabi Bagh, Delhi-110026, inter-alia considered and approved the following proposals and accorded its consent for submission of expressions of interest (EOI) therefor:
- Purchase of the Infrastructure Leasing & Financial Services Limited (IL&FS) Group’s equity stake in Baleshwar Kharagpur Expressway Limited (BKEL).
- Purchase of equity stake of Shamli Steels Private Limited (SSPL) from its existing shareholders, in a share-swap deal, which is engaged in the business of manufacturing thermo mechanically treated bars (TMT bars), corrosion resistant steel bars (CRS Bars), MS rounds and MS billets.
Vikas Ecotech Ltd, a New Delhi-based company, is a leader in the field of speciality polymers, speciality additives and chemicals for the plastics & rubber industries. Their products cater to a wide range of applications across diverse sectors, including agriculture, infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, and medical devices.
Vikas Ecotech is on a debt-busting mission! Since 2021, they've sprinted through Rs 118.7 crore of repayments, shrinking their bank debt from a towering Rs 161.2 crore to a mere Rs 4.25 crore today. This remarkable progress showcases their dedication to financial stability and a debt-free future.
Earlier the company received its first patent, awarded for groundbreaking "smart conjugated polymer nanocomposites." This novel technology, designed for superior corrosion protection in harsh saline environments, encases nano-sized particles within a custom-engineered matrix. These "smart" coatings offer key advantages over traditional paints: they're environmentally friendly (VOC-free), self-healing for lasting protection, and outperform in demanding industries like infrastructure, marine, and oil & gas. As the sole Indian manufacturer of Organotin stabilizers and with expertise in Plasticizer production.
Furthermore, the company has secured hefty orders worth Rs 22.5 crore from leading clients like Alert India, Capstan Rubber, and Polycab India. These orders, to be delivered within the next 30-45 days, are a strong vote of confidence in their speciality polymer compounds and promise robust revenue growth.
On Saturday, shares of Vikas EcoTech Ltd plunged 0.73 per cent to Rs 4.06 per share from its previous closing of Rs 4.09 with an intraday high of Rs 4.13 and an intraday low of Rs 4. The stock’s 52-week high is Rs 5.09 and its 52-week low is Rs 2.38. The stock is up over 70 per cent from its 52-week low of Rs 2.38 per share.
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