Vakrangee spurts on RBI nod to operate Bharat Bill Payment Operating Unit

Vakrangee hit an upper circuit of 10% at Rs 27.10 after the Reserve Bank of India (RBI) granted the company in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU).

The company said it can now directly handle payment and aggregation of payment services relating to bills under the scope of the Bharat Bill Payment System (BBPS).

Nextgen Vakrangee Kendras exclusively offers a comprehensive range of products and services across banking, insurance, ATM, financial services, assisted e-commerce, e-governance and logistics.

With 70% of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee shall have direct access to operate as an operating unit under the BBPOU and shall provide the Bill Payment service to its customers in the most remote and hitherto unserved/underserved parts of the country.

Vakrangee is a unique technology driven company focused on building a 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.

The company's consolidated net profit jumped 52.2% to Rs 11.89 crore on a 46.5% fall in net sales to Rs 67.85 crore in Q1 FY21 over Q1 FY20.

Year-to-date, the stock has tumbled 43.13% while the benchmark S&P BSE Sensex has declined 9.77% during the same period.

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