Vikas Ecotech shares up 7% in two days as company raises funds via QIP
The stock of Vikas Ecotech has gained more than 7 per cent in the last two sessions, compared it is close at Rs 2.85 on Wednesday, with a mcap close to Rs 300 crore.
- Jun 2, 2023,
- Updated Jun 2, 2023 12:52 PM IST
Shares of Vikas Ecotech surged more than 7 per cent during the last two trading sessions as the microcap company looks to raise funds via qualified institutional placement (QIP). The company board of directors had approved to raise funds via the QIP route in the two tranches.
It is the first tranche of QIP not exceeding Rs 50 crore and the remaining amount of Rs 50 crore will be raised by the company through subsequent tranches, if any, Vikas Ecotech said in an exchange filing. The company board had approved to raise Rs 100 crore via QIP in the extraordinary general meeting held in February 2023. Shares of Vikas Ecotech jumped more than 3 per cent to Rs 3.05 on Friday, compared to its previous close at Rs 2.95. The stock has gained more than 7 per cent in the last two sessions, compared to its close at Rs 2.85 on Wednesday. The company is commanding mcap close to Rs 300 crore.
The company has a fixed floor price of Rs 2.92 apiece for the issue. The issue kicked off on March 31. The company board approved and adopted the preliminary placement document dated May 30, 2023, together with the application form in connection with the issue.
Vikas Ecotech reported a 46 per cent increase on a year-on-year (YoY) basis in its net profit at Rs 1.79 crore in the March 2023 quarter, against a net profit of Rs 1.23 crore in the year-ago period. The company clocked a net profit of Rs 2.78 crore in the December 2022 quarter.
The company recently announced its venture into green and eco-friendly infrastructure development projects in collaboration with Nice Apartment Constructions, a company engaged in the real estate development of commercial and residential projects in Delhi-NCR.
Vikas Ecotech has entered into a collaboration arrangement wherein it will be inducting 70 per cent of the total project cost as the collaborator. The estimated project cost of targeted projects is about Rs 115 crore, including the cost of lands as well as the costs to be incurred for the construction and development of commercial buildings at the locations in Gurugram.
Also read: Coal India shares: OFS opens for retail investors today; here are stock price targets
Shares of Vikas Ecotech surged more than 7 per cent during the last two trading sessions as the microcap company looks to raise funds via qualified institutional placement (QIP). The company board of directors had approved to raise funds via the QIP route in the two tranches.
It is the first tranche of QIP not exceeding Rs 50 crore and the remaining amount of Rs 50 crore will be raised by the company through subsequent tranches, if any, Vikas Ecotech said in an exchange filing. The company board had approved to raise Rs 100 crore via QIP in the extraordinary general meeting held in February 2023. Shares of Vikas Ecotech jumped more than 3 per cent to Rs 3.05 on Friday, compared to its previous close at Rs 2.95. The stock has gained more than 7 per cent in the last two sessions, compared to its close at Rs 2.85 on Wednesday. The company is commanding mcap close to Rs 300 crore.
The company has a fixed floor price of Rs 2.92 apiece for the issue. The issue kicked off on March 31. The company board approved and adopted the preliminary placement document dated May 30, 2023, together with the application form in connection with the issue.
Vikas Ecotech reported a 46 per cent increase on a year-on-year (YoY) basis in its net profit at Rs 1.79 crore in the March 2023 quarter, against a net profit of Rs 1.23 crore in the year-ago period. The company clocked a net profit of Rs 2.78 crore in the December 2022 quarter.
The company recently announced its venture into green and eco-friendly infrastructure development projects in collaboration with Nice Apartment Constructions, a company engaged in the real estate development of commercial and residential projects in Delhi-NCR.
Vikas Ecotech has entered into a collaboration arrangement wherein it will be inducting 70 per cent of the total project cost as the collaborator. The estimated project cost of targeted projects is about Rs 115 crore, including the cost of lands as well as the costs to be incurred for the construction and development of commercial buildings at the locations in Gurugram.
Also read: Coal India shares: OFS opens for retail investors today; here are stock price targets