Recycling major Vikas Ecotech raises funds through QIP issue to meet capital expenditure
Business | June 26, 2023 15:54 ISTQIP is a method wherein a firm issue shares to the public without going through regulatory compliance.
QIP is a method wherein a firm issue shares to the public without going through regulatory compliance.
The shares were listed on the NSE SME platform and are currently trading at a premium of more than 40 per cent from the IPO issue price of Rs 76.
The decision to split the face value of shares was taken at a board meeting of the Delhi-based company on Thursday.
According to a regulatory filing dated May 24, Nomura Singapore's stake now stands at 1.28 per cent or 1,28,25,854 shares.
The 30-share BSE Sensex climbed 146.98 points to 61,876.66 in early trade. The NSE Nifty went up by 55.3 points to 18,258.70.
The current face value of each share of the leading manufacturer of LED lights, solar panels and UVC disinfection products is Rs 2.
The stock closed at Rs 155.61 apiece on the listing day. The company commanded a market cap of Rs 159.09 crore as on the listing day.
As per the exchange, the company's net profit in FY23 skyrocketed 584 per cent to Rs 9.52 crore. In FY22, the same stood at Rs 1.39 crore.
Going by data, the stock in a two-year period has skyrocketed 271 per cent. In a three-year period, it has rallies a massive 492 per cent.
This comes close on the heels of the fund picking 55 lakh shares of the company earlier this month at an average price of Rs 2.45.
The company's revenue from operation during the quarter under review stood at Rs 83 crore, the maker of finished and semi-finished forged crankshafts and forged components said in a regulatory filing.
Multibagger stock: According to an exchange filing, the total revenue in FY23 stood at Rs 279 crore as against Rs 144 crore that it had reported in the last financial year.
The shares of Vikas Ecotech rallies more than 5 per cent on the BSE on the back of announcement.
The company in a filing informed that the board has fixed June 5, Monday, as the record date for the purpose of split and bonus.
The New Delhi headquartered Vikas Ecotech operates in the specialty chemical industry. It caters to the a variety of industries including agriculture, automotives, electricals, healthcare and others.
Trading in Apollo Micro Systems shares was halted after the aerospace and defence stock hit the upper circuit of 5 per cent at Rs 328.75 on BSE.
Maharashtra Day: All major financial markets including BSE, National Stock Exchange and more will remain closed on Monday on account of Maharashtra Day.
Rallying for the fifth straight session, the 30-share BSE Sensex jumped 463.06 points or 0.76 per cent to settle at 61,112.44. During the day, it surged 560.08 points or 0.92 per cent to 61,209.46.
Multibagger Stock: The company has reported three-fold increase in consolidated net profit at Rs 1.68 crore during the March 2023 quarter, Integra Essentia said in a BSE filing.
With the global rice shortage looming large and being dubbed as the worst in 20 years, the Indian FMCG player has played a pivotal role in ensuring no shortage.
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