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Vikas Wsp jumps after receiving export order

Capital Market 

Vikas Wsp hit 5% upper circuit at Rs 15.93 at 11:30 IST on after the company received an export order of Rs 92.37 crore of newly developed Thermogel-25 for ultra-fermented and roll applications from MNC customers.

The announcement was made during market hours today, 29 January 2018.

Meanwhile, the Sensex was up 337.14 points, or 0.94%, to 36,387.58. The Small-Cap index was up 1.88 points, or 0.01%, to 19,344.06, underperforming the Sensex.

On the BSE, 2.68 lakh shares were traded in the counter so far, compared with an average volume of 3.8 lakh shares in the past one quarter. The stock was locked at a high of Rs 16.48 so far during the day. The stock had hit a low of Rs 15.20 in intraday trade. The stock had hit a 52-week high of Rs 18.10 on 5 January 2018. The stock had hit a 52-week low of Rs 6.20 on 15 February 2017.

The stock had outperformed the market over the past one month till 25 January 2018, gaining 20.19% compared with 6.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.69% as against Sensex's 9.1% rise. The scrip had also outperformed the market in past one year, jumping 126.91% as against Sensex's 30.11% rise.

The small-cap company has equity capital of Rs 19.44 crore. Face value per share is Re 1.

Vikas Wsp has received an order for Rs 92.37 crore Thermogel-25 for ultrafermented and roll applications to bind free water for a longer period thereby enhancing the mouthfeel naturally. The company received these export orders from MNC customers globally.

The product has been used and approved the pilot results at the end use, therefore, now the company received commercial export order for Rs 92.37 crore. It is a potential business of about 100 million pounds (LBS) quantity in the and continents as per survey conducted by the company's surveyors.

The company said that the management is doing all its endeavors to develop new products for catering into varied applications. The company believes that it may take some more time to bring the operations back on track. Financing position is also improving with the release of Rs 24.37 crore export credit facilities by on 23 February 2018.

The working of the company is improving day by day and on regular basis, it added.

Vikas Wsp reported net profit of Rs 7.07 crore in Q2 September 2017 compared with net loss of Rs 45.72 crore in Q2 September 2016. Net sales jumped 291% to Rs 164.40 crore in Q2 September 2017 over Q2 September 2016.

Vikas Wsp is guar gum powder (GGP) manufacturer, supplying to all sectors of the industry with an extensive range of Besides food, the company also offers guar gum to technical applications such as pet food, oil drilling, textile printing, mining paper, etc.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 29 2018. 12:33 IST