This Specialty Chemicals Stock Surges with Increased Stake from Foreign Institutional Investors

Image Source : INDIA TV THIS specialty chemicals stock is riding high as foreign institutional investors raise stake

Vikas Ecotech, a leading provider of high-end specialty chemicals, is experiencing significant growth after securing funds through the Qualified Institutional Placement (QIP) route and increased investment from foreign institutional investors (FIIs). According to BSE data, the company has generated a remarkable 76% return for its investors in just one year.

Recently, AG Dynamic Funds Limited, a foreign institutional investor based in Mauritius, along with two other FIIs, acquired stakes in this small-cap company with a market capitalization of Rs 321 crore. According to exchange data, the other two FIIs are Vikasa Global Fund PCC- Eubilia Capital Partners Fund I and Calypso Global Investment Fund.

Headquartered in Delhi, Vikas Ecotech has announced that it has secured a fresh order worth Rs 90 million for specialty compounds. During the first quarter of FY24, the company’s sales of specialty compounds reached Rs 197 million, with a target of reaching Rs 285 million.

An interesting development is the company’s decision to establish personalized and localized technical services teams in regions with high concentrations of consumers. This strategic move aims to better serve customers in specific geographical areas.

In addition, the company has recently received approvals and commercial orders from Olectra Greentech, a renowned Electric Bus manufacturer, for its specialty fire retardant materials.

Last week, Vikas Ecotech successfully raised Rs 50 crore through the Qualified Institutional Placement (QIP) route. The issue was priced at Rs 2.80 per share, with a discount of approximately 4% compared to its floor price of Rs 2.92 per share. QIP is a method of issuing shares to the public without going through regulatory compliance.

Vikas Ecotech supplies products to various industries including agriculture, automotive, cables, electricals, hygiene, healthcare, polymers, packaging, textiles, and footwear. According to the shareholding pattern on BSE, the promoters hold over 9% stake in the company, while the remaining shares are owned by the public.

ALSO READ | THIS BSE-listed logistics major gets NSE nod for direct listing on Mainboard

ALSO READ | Sebi calls for urgent action against Zee Entertainment promoters in its reply to SAT

Latest Business News

 

Reference

Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
DMCA compliant image

Leave a Comment