 "Vakrangee hits lifetime high")
Vakrangee hit a lifetime high of Rs 215, up 3% on the BSE in an otherwise rangebound market today.
In past three months, the stock rallied 41% from Rs 152 on November 20, after the company announced alliance with Ricoh India, to provide Managed Print Service (MPS) on a Pay per Unit (PpP) model to the un-served and under-served geographies in India through various Vakrangee Kendras. The S&P BSE Sensex down 10% during the same period.
The company earlier this month announced that its Corporate Agency has tied up with Tata AIG General Insurance Company, a joint venture between Tata Group and American International Group (AIG).
The tie up will help to distribute quality general insurance products through Vakrangee distribution network, the company said in a media release.
Vakrangee said the company intends to become long term debt free by March 2016. From FY2016-17 onwards, the board has approved to maintain a dividend pay-out in the range of 15%-20% of profits after tax on consolidated financials.
Going forward, the company’s plans to focus on Vakrange Kendra outlet business which currently contributes around 50% of the total revenues. Vakrangee Kendra business has low capex requirement and low working capital requirement.
At 10:31 AM, the stock was up 2% at Rs 212 on the BSE. A combined 721,000 shares changed hands on the counter on the BSE and NSE so far.
In past three months, the stock rallied 41% from Rs 152 on November 20, after the company announced alliance with Ricoh India, to provide Managed Print Service (MPS) on a Pay per Unit (PpP) model to the un-served and under-served geographies in India through various Vakrangee Kendras. The S&P BSE Sensex down 10% during the same period.
The company earlier this month announced that its Corporate Agency has tied up with Tata AIG General Insurance Company, a joint venture between Tata Group and American International Group (AIG).
The tie up will help to distribute quality general insurance products through Vakrangee distribution network, the company said in a media release.
Vakrangee said the company intends to become long term debt free by March 2016. From FY2016-17 onwards, the board has approved to maintain a dividend pay-out in the range of 15%-20% of profits after tax on consolidated financials.
Going forward, the company’s plans to focus on Vakrange Kendra outlet business which currently contributes around 50% of the total revenues. Vakrangee Kendra business has low capex requirement and low working capital requirement.
At 10:31 AM, the stock was up 2% at Rs 212 on the BSE. A combined 721,000 shares changed hands on the counter on the BSE and NSE so far.
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