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.