Vakrangee hits 5% upper circuit on heavy volume; launches pvt apparel label

Vakrangee share price: Around 2.62 million shares have changed hands on the counter, thus far, on the BSE

Vakrangee shares were locked in the 5-per cent upper circuit band, at Rs 29.09 per share, on the BSE on Tuesday at 11:31 AM. This buying interest in Vakrangee shares was seen after the company launched its own private label apparel products under the e-commerce business category.

By comparison, the benchmark BSE Sensex today was trading over 500 points higher at 81,570 levels.

Vakrangee said the company has launched the pilot phase of its own private label in the apparel segment and would leverage the extensive network of Vakrangee Kendra outlets, including both Franchisee and Master Franchisee channels.

"Upon the successful completion of this pilot, we will scale the initiative to a pan-India level. Additionally, the company has future plans to diversify into other consumer and retail product categories, thereby expanding our footprint in the broader market," Vakrangee said in a stock exchange filing.

By utilising Vakrangee Kendra platforms, Vakrangee aims to ensure seamless availability of high-quality products to underserved markets, while maintaining competitive and affordable pricing.

This initiative, Divya Nandwana, chairperson of Vakrangee Ltd, aligns with Vakrangee's broader vision of providing comprehensive consumer and retail solutions, backed by an unparalleled distribution network and a commitment to customer-centric excellence.

Vakrangee is one of India's largest last-mile distribution platforms with a physical as well as digital eco-system in place with a pan-India Presence. It delivers real-time banking and financial services, ATM, insurance, e-Governance, e-Commerce (including Healthcare services) and logistics services to the unserved rural, semiurban and urban markets.

Vakrangee share price update

At 11:42 AM, Vakrangee share price was locked at the upper band. Around 2.62 million shares have changed hands on the counter, thus far, on the BSE with a large trade of 1.18 million (11,88,290) shares changing hands at 10:34 AM. The per share price in the large trade was 29.09 per share.

Over the past one month, Vakrangee shares have surged 39 per cent as against a 0.6 per cent dip in the benchmark BSE Sensex index.

Earlier, on September 19, Vakrangee informed the stock exchanges that the company's Board has allotted 28,50,000 equity shares to VandV Trading Private Limited as part of conversion of warrants into equivalent number of equity shares.

"The equity shares so allotted shall rank pari-passu with the existing equity shares of the Company in all respects. Consequently, the Issued and Paid-up equity share capital of the Company stands increased to Rs 108,06,88,207/- consisting of 108,06,88,207 equity shares of Re 1/- each," it said.

Post the issuance, VandV Trading Pvt Ltd will hold 2,11,66,567 shares or 1.96 per cent stake in the company.