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Vakrangee gains on strategic tie-up with Indian Oil Corporation

The stock was up 3% at Rs 220, also its fresh record high on the BSE.

SI Reporter  |  Mumbai 

Vakrangee gains on strategic tie-up with Indian Oil Corporation

was trading higher by 3% at Rs 220, also its fresh record high on the BSE, after the company announced a tie-up with Limited (IOC) for setting up Kendra at its retail outlets (distribution network).

This tie up would drastically increase the customer touch points at the Kendra and ensure a boost in its core objective i.e. financial inclusion, digital inclusion, social inclusion, employment generation and skill development, Vakrangee said in a statement.

Currently, the Vakrangee Kendra shall be set up in 3575 IOC Retail Outlets located Uttar Pradesh. Citizens, in these areas shall now be able to visit nearest Vakrangee Kendra and enjoy services from all the 5 business units of Vakrangee, i.e. e-Commerce, e-Governance, Banking, Insurance, and ATM, it added.

The company last month in February announced that its Corporate Agency has tied up with Tata AIG General Insurance Company, a joint venture between Tata Group and American International Group (AIG).

The tie up will help to distribute quality general insurance products through Vakrangee distribution network, the company had said in a media release.

In past one-month, the stock outperformed the market by gaining 12% as compared to 1% decline in the S&P BSE Sensex.

A combined 906,990 shares changed hands on the counter on the BSE and NSE till 10:27 AM.


First Published: Wed, March 02 2016. 10:31 IST
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