VIP Inds to raise Rs 100 cr via NCDs

The NCDs will be issued on private placement basis in one or more tranches.

The board has approved issuing principal protected, secured, rated, listed, redeemable, non-convertible, market-linked debentures (NCDs) on private placement basis in one or more tranches/series/types aggregating upto Rs 100 crore, VIP Industries said in a statement after trading hours yesterday, 9 July 2020.

Shares of VIP Industries was down 0.49% to Rs 253.55 on BSE. The scrip hovered in the range of Rs 253 to Rs 259.90 so far.

On the technical front, the stock's RSI (relative strength index) stood at 49.548. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading in between its 50-day moving average (DMA) placed at Rs 241.60, with will act as a support in the near term and its 200-day moving average (DMA) placed at Rs 363.61, would act as a resistance in the upcoming trade.

VIP Industries' consolidated net profit dropped 62.3% to Rs 9.52 crore on 28.4% fall in net sales to Rs 311.34 crore in Q4 March 2020 over Q4 March 2019.

VIP Industries manufactures hard luggage and markets soft luggage imported from Bangladesh and China. VIP is the largest player in the luggage industry in India.

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