Shares of Vikas Lifecare Ltd moved higher on Thursday as the company’s material subsidiary bagged an order from Gujarat Gas Limited. The company informed about the same through an exchange filing during the session.
The stock has been hogging the limelight at Dalal Street for quite some time.
Vikas Lifecare’s material subsidiary Genesis Gas Solutions has been awarded orders to supply 40,000 gas meters from Gujarat Gas, India’s largest city gas distribution company, said the company in the exchange filing. The aggregate value of the order is pegged at Rs 49.5 crore, it added.
“Vikas Lifecare owns 95 per cent equity in Genesis which is engaged in the business of developing ‘smart products’ including smart gas meters and power distribution solutions for the infrastructure segment,” it added in the exchange filing.
Shares of Vikas Lifecare rose about 2 per cent to Rs 5.10 on Thursday and the stock finally settled at Rs 5.04, with a total market capitalization of Rs 725 crore. The stock has surged about 18 per cent in the last three weeks, while it is up 70 per cent in the last six months.
Vikas Lifecare reported a 211 per cent rise in the net profit on year-on-year (YoY) basis to Rs 7.23 crore in the September 2023 quarter, while its revenue from operations came in at Rs 116.03 crore in Q2FY24. The Ebitda of the company grew 50 per cent in the given quarter.
Recently, Vikas Lifecare plans to raise Rs 97 crore through the issuance of warrants on a preferential basis, which was already approved by the fundraising proposal. Vikas Lifecare is engaged in trading and manufacturing of polymer, rubber compounds and additives for plastics, synthetic and natural rubber.
