THIS specialty chemicals stock is riding high as foreign institutional investors raise stake

Vikas Ecotech, a number one supplier of high-end specialty chemicals, is riding high post-raising funds by way of Qualified Institutional Placement (QIP) route and FIIs liquidity. The stock has made its investors wealthier by a whopping 76 % in a yr, in accordance with BSE information. 

Just lately, Mauritius-based foreign institutional investor AG Dynamic Funds Limited and two different FIIs purchased stakes within the small-cap firm having a market cap of Rs 321 crore. The two different FIIs are Vikasa Global Fund PCC- Eubilia Capital Partners Fund I and Calypso Global Investment Fund, in accordance with change information.

Based out of Delhi, the corporate in an change submitting has knowledgeable that it has bagged a contemporary order for specialty compounds price Rs 90 million.

The specialty compounds gross sales registered to date throughout Q1 of FY24 stands at Rs 197 million and the goal is to achieve Rs 285 million.

Notably, it has taken a singular initiative to induct personalised and localised technical companies groups for particular geographical areas with dense concentrations of shoppers. 

It lately gained approvals and business orders from Olectra Greentech which is a famend Electric Bus producer for the specialty hearth retardant supplies.

Last week, the agency raised about Rs 50 crore by way of Qualified Institutional Placement (QIP) route. The situation was decided at Rs 2.80 apiece, a reduction of round 4 % in comparison with its ground value of Rs 2.92 per share. QIP is a way whereby a agency points shares to the general public with out going via regulatory compliance.

It provides merchandise to a wide range of industries together with agriculture, automotive, cables, electricals, hygiene, healthcare, polymers, packaging, textiles and footwear. As per the shareholding sample on BSE, promoters have over 9 % stake within the firm whereas the remaining is owned by the general public.

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