Vakrangee sizzles on mulling pan-India EV charging infra

Vakrangee rose 2.08% to Rs 36.80 at 9:38 IST on BSE after the company said it plans to set-up electric vehicle charging infrastructure across india.

The announcement was made before market hours today, 16 July 2019.

Meanwhile, S&P BSE Sensex was up 82.23 points or 0.21% at 38,978.94.

On BSE, 1.8 lakh shares were traded in Vakrangee counter, compared to a 2-week average of 7.09 lakh shares. The share price hit an intraday high of Rs 37.85 and an intraday low of Rs 36.45. It hit a 52-week high of Rs 73.30 on 8 August 2018 and a 52-week low of Rs 22.35 on 5 November 2018.

Vakrangee said it has decided to set-up the electric vehicle (EV) charging infrastructure facility through Nextgen Vakrangee Kendra outlets. Vakrangee has 3,504 Nextgen Vakrangee Kendras spread across 19 states, 366 districts and 2,186 postal codes. More than 68% outlets are from Tier 5 and tier 6 cities. The company's planned target is to reach at least 75,000 by FY2021-22 and 3,00,000 outlets by FY2024-25.

Vakrangee said it plans to leverage this deep presence by being an enabler for the EV charging facility through its network of retail outlets called as Vakrangee kendras. The company continues to focus on expanding the bouquet of services available at its exclusive Nextgen Vakrangee Kendras. For all operators who want to setup electric vehicle services in India, it will make sense for them to leverage the company's charging infrastructure rather than building one of their own. Vakrangee is building a large charging footprint on a pan-India basis through its network of Nextgen Vakrangee Kendra outlets.

Vakrangee's consolidated net profit fell 91.5% to Rs 6.45 crore on a 94.5% decline in net sales to Rs 101.46 crore in Q4 March 2019 over Q4 March 2018.

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

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