Recycling participant Vikas Ecotech has introduced that it has considerably minimize its debt in the present monetary because it goals to attain the goal of turning into a debt-free entity. The improvement assumes significance because it comes in the backdrop of the federal government’s efforts to assist small and medium enterprises that contribute greater than 30 per cent to the nation’s GDP.
The small cap specialty chemical substances stock in an change submitting stated that it has paid again Rs 70 million as a part of its debt-reduction plan. With this, the full quantity of bank-debt has now come right down to Rs 650 million.
“Has set a goal for becoming a 100 per cent debt free entity within financial year 2023-24 under debt reduction programme,” it stated in an announcement on BSE.
Post the present compensation, the administration intends to payback extra Rs 100 million earlier than the shut of this quarter (Q2FY2024).
This will convey down the debt ranges to Rs 550 million, paving the way in which in direction of turning into a zero debt entity throughout the present fiscal.
Recycling participant Vikas Ecotech Ltd (VEL) on Friday introduced bagging a Rs 50-crore order for provide of a number of supplies together with flame retardant aluminum trihydrate.
The Delhi-based firm is engaged in the enterprise of specialty polymers for functions in sectors like electrical, infrastructure, packaging, and automotive, amongst others. The firm can be increasing its enterprise portfolio by manufacturing metal pipes and MDPE (medium-density polyethene) pipes.
In an announcement, the corporate stated it has (*2*)
The worth of the order is over Rs 500 million (Rs 50 crore), with supply schedules ranging by way of August-September 2023, VEL stated.
Vikas Ecotech shares have yielding a return of 58 per cent in the previous two years. The firm has a market capitalisation of Rs 337 crore.
