Vakrangee Softwares hits new high, stock surges 6%
Last week, the company has received the RBI's nod for setting up ATMs that will not be proprietary to a particular bank.
Vakrangee Softwares has surged 6% to Rs 70.90, also its record high, on the Bombay Stock Exchange. The stock opened at Rs 68.50 and hit a low of Rs 68.25 so far. A combined 313,221 shares have changed hands on the counter till 1019 hours on BSE and NSE.
Last week, the company engaged in providing e-governance related services, has received the Reserve Bank of India’s nod for setting up automated teller machines or ATMs that will not be proprietary to a particular bank.
“As a White Level ATM operator (WLAO), the company will set up, own and operate minimum 15,000 ATMs under its own brand in 3 years timeline across the country,” Vakrangee Softwares said in a media release.
The company will be entitled to receive transaction fee from the banks for the use of VSL ATM network by the bank customers. In addition, the company is free to earn extra revenue through advertisement and other value added services as per the regulations in force from time to time, it added.
Last week, the company engaged in providing e-governance related services, has received the Reserve Bank of India’s nod for setting up automated teller machines or ATMs that will not be proprietary to a particular bank.
“As a White Level ATM operator (WLAO), the company will set up, own and operate minimum 15,000 ATMs under its own brand in 3 years timeline across the country,” Vakrangee Softwares said in a media release.
The company will be entitled to receive transaction fee from the banks for the use of VSL ATM network by the bank customers. In addition, the company is free to earn extra revenue through advertisement and other value added services as per the regulations in force from time to time, it added.