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Vakrangee jumps after board OKs providing GST services

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Vakrangee rose 2.17% to Rs 343.45 at 11:01 on after the company said it will provide the services of registration, filing of returns, payment and other value added services through Vakrangee Kendra outlets.

The announcement was made after market hours yesterday, 17 April 2017.

Meanwhile, the S&P Sensex was up 260.25 points, or 0.88% to 29,673.91.

On the BSE, 1.58 lakh shares were traded in the counter so far, compared with average daily volumes of 1.20 lakh shares in the past one quarter. The stock had hit a high of Rs 354.45 and a low of Rs 341.95 so far during the day. The stock hit a record high of Rs 354.45 on 18 April 2017. The stock hit a 52-week low of Rs 160.10 on 9 June 2016.

The stock had outperformed the market over the past one month till 17 April 2017, rising 5.43% compared with 0.79% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.16% as against Sensex's 8% rise.

The large-cap company has equity capital of Rs 52.92 crore. Face value per share is Re 1.

The board of directors of Vakrangee yesterday, 17 April 2017, approved to provide the services of registration, filing of returns, payment and other value added services thereunder through Vakrangee Kendra Outlets.

Currently the company is operating more than 35,000 Vakrangee Kendra outlets across 16 States and presence in more than 5,000 postal codes across the country. The company now plans to setup and manage a total of 75,000 Vakrangee Kendra outlets across India by 2020, covering the presence in all postal codes across the country. It has now decided to provide the services of registration, filing of returns, payment and other value added services under the same through Vakrangee Kendra outlets which would further enhance the existing bouquet of services provided by the company. This will be done by acting as an Application Service Provider (ASP).

On a consolidated basis, Vakrangee's net profit rose 27.87% to Rs 131.55 crore on 19.54% growth in net sales to Rs 978.86 crore in Q3 December 2016 over Q3 December 2015.

Vakrangee is the unique technology driven company focused on building India's largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved rural, semi-urban and urban markets.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 18 2017. 11:04 IST
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