Vikas Lifecare hits 52-week high on acquiring 75% stake of Genesis for Rs 25 cr

Vikas Lifecare hit an upper circuit of 5% at Rs 6.56 on acquiring 75% stake in Genesis Gas Solutions, a company engaged in the business development of 'smart products' including smart gas meters & power distribution solutions.

Vikas Lifecare entered into definite agreement with the existing promoters/ shareholders for acquiring 75% equity of Genesis Gas Solutions (Genesis) in a cash deal amounting Rs 25 crore, payable in stages within a period of 3 months. Vikas Lifecare plans to move further ahead with the objective of broad-basing the product portfolio, diversifying into futuristic and unique product lines, new edge businesses, complimenting and supplementing the existing business lines of the company.

Vikas Lifecare's net profit rose 725.81% to Rs 2.56 crore in the quarter ended September 2021 as against Rs 0.31 crore during the previous quarter ended September 2020. Net sales rose 111.83% to Rs 67.49 crore in the quarter ended September 2021 as against Rs 31.86 crore during the previous quarter ended September 2020.

Vikas Lifecare engages in the trading of various chemicals compounds, polymers, PVC resins, plastic granules, and products related to plastic industry in India. It operates through real estate, trading-polymers, trading-cashew nuts and manufacturing divisions.

The scrip hit 52-week high at Rs 6.56 during intraday trade.

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