Penny inventory Vikas Ecotech, a number one provider of high-end specialty chemicals, is in focus with FIIs choosing up stake. According to BSE date, the inventory has made its traders wealthier by greater than 70 per cent in a 12 months interval.
It has now knowledgeable exchanges about securing a fresh orders valued properly over Rs 200 million. This is the second vital order after bagging orders for specialty compounds valued at Rs 90 million.Â
Vikas Ecotech is driving excessive post-raising funds through Qualified Institutional Placement (QIP) route and FIIs liquidity. Having a wealthy expertise of rising at greater than 30 per cent on a YoY foundation since Covid-19 disaster, the agency stated that it’s poised to develop its base.Â
It has added to the shopper profile together with Olectra Greentech, Polycab India, Khadim India, Paragon Footwears and others.
Last month, a PTI report stated that Vikas Ecotech is aiming to change into debt-free by the monetary 12 months 2023-2024. The firm has until date paid a debt of Rs 98.2 crore to its lenders and the excellent quantity stays at Rs 71.8 crore.
“Management of the company, while undertaking this debt reduction programme on persistence and support extended by the promoters and other stakeholders of the company, decided to become 100 per cent debt-free entity within FY 2023-2024 and since then continuously reducing its bank-debt in a gradual manner,” it stated.
Besides recycling, the city-based firm can also be engaged within the enterprise of specialty polymers for functions in sectors like electrical, infrastructure, packaging, and automotive, amongst others. It can also be increasing its enterprise portfolio by manufacturing metal pipes and MDPE (medium-density polyethene) pipes.
The firm’s in-house analysis & improvement (R&D) unit earlier this week acquired recognition from the Department of Scientific and Industrial Research, Ministry of Science & Technology.
