Penny stock below Rs 5: This specialty chemicals company bags largest-ever export order worth Rs 165 million from Yusuf Bin Ahmed Kanoo Group
The stock is up by 57 per cent from its 52-week low of Rs 2.38 per share.
Vikas Ecotech Limited (VEL) announced that its wholly-owned subsidiary (Vikas Organics) has received the largest-ever export order for vinyl plasticizers worth Rs 165 million approx. The order is a variable price contract, which covers regular supplies to the renowned Yusuf Bin Ahmed Kanoo Group of KSA over the coming months.
VEL recently acquired the subsidiary as an ongoing concern with the plasticizers manufacturing business based at Daman, while VOPL is regularly exporting plasticizers to the USA & KSA, the VEL & VOPL teams have been working closely to further boost the global reach actively pushing international business activities targeting Exports of the Niche materials from both VEL & VOPL product offerings.
VEL also has initiated considerable additions and alterations to the existing manufacturing facilities at the VOPL Daman Plant Site, which will facilitate the De-Bottlenecking of the manufacturing process of the factory while enhancing the processing capacities and on the other hand adding capabilities to produce additional variants of Plasticizers beyond the conventional range of products and materials manufactured by VOPL at the Daman Facility
Vikas Ecotech, a leading manufacturer of specialty chemicals and polymers in Delhi, caters to a wide range of industries with its stabilizers, plasticizers, and other additives. They are a unique player in the global market, being the only Indian manufacturer of organotin (a key stabilizer) with in-house R&D, and are constantly expanding through acquisitions, like a recent plasticizer business and a steel company for infrastructure projects. Vikas Ecotech also includes Vikas Organics, a well-established plasticizer producer with a strong domestic and international presence.
Today, shares of Vikas Ecotech Ltd gained 3.6 per cent to an intraday high of Rs 3.75 per share from its previous closing of Rs 4.77. The company has a market cap of over Rs 500 crore. The stock’s 52-week high is Rs 5.63 and its 52-week low is Rs 2.39. The stock is up by 57 per cent from its 52-week low of Rs 2.38 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Related articles
-
Rs 65,000 crore order book: This multibagger railway infra company emerges as the lowest bidder (L1) for orders worth Rs 678,05,61,753 from Southern Railway
-
Rs 35,10,00,000 total order from Integral Coach Factory: This multibagger company bags an order worth Rs 8.26 crore in Chennai
-
Penny stock at Rs 9.43: This micro-cap company bags new order worth Rs R 2,94,65,496 from U.P. Power Transmission Corporation Ltd
-
FIIs bought 1,71,000 shares: This drone company secured a work order worth Rs 2,52,756 from TreeTies Network Private Limited
-
Watch out for this penny stock at Rs 74.40 hit 20 per cent upper circuit today; spurt in volume by more than 6.60 times on BSE & FIIs increase stake!