Vikas Lifecare shares rise 3% after subsidiary bags ultrasonic gas meter order
Vikas Lifecare’s wholly owned subsidiary Genesis Gas Solutions had received its first-ever order for ultrasonic gas meters, valued at Rs 3 crore.
- Apr 13, 2023,
- Updated Apr 13, 2023 9:59 AM IST
Shares of lesser-known company Vikas Lifecare jumped about 3 per cent during the early trading session on Thursday after the company's subsidiary bagged its first order after incorporation. The company informed about the same via an exchange filing. Vikas Lifecare’s wholly-owned subsidiary Genesis Gas Solutions has received its first-ever order for ultrasonic gas meters, the company said in the filing. It is valued at Rs 3 crore, it added. Ultrasonic meters are considered the highest in efficiency in terms of accuracy and reliability, as these meters derive the volume flow of the gas by measuring the transit times of high-frequency sound waves. The Ultrasonic meters are eminently required at Large Diameter Gas Pipe Lines where it is a commercial loss to use the mechanical drive meters. Following the announcement, shares of Vikas Lifecare surged 3 per cent to Rs 3.4 on Thursday, before giving up its gains partially. The scrip had settled at Rs 3.31 in the previous. The company was commanding a market capitalization of Rs 485 crore. Shares of Vikas Lifecare have dropped about 10 per cent in the last one month, while the stock is down 30 per cent in the last six months and on a year-to-date basis. In the last one year, it has lost more than 40 per cent of its value. The meters supplied by Genesis shall be part of a Field Regulating Skid (FRS) to be used by various city gas distribution companies. It had signed an agreement with SICK AG, Germany to supply Ultrasonic Gas Meters for Industrial and Commercial gas customers. Vikas Lifecare is engaged in various business segments including polymer & rubber commodity compounds and master-Batches. It also manufactures up-cycled compounds from industrial and post-consumer waste and scrap materials. It also provides a wide variety of base polymers and commodity raw materials to ONGC.
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Shares of lesser-known company Vikas Lifecare jumped about 3 per cent during the early trading session on Thursday after the company's subsidiary bagged its first order after incorporation. The company informed about the same via an exchange filing. Vikas Lifecare’s wholly-owned subsidiary Genesis Gas Solutions has received its first-ever order for ultrasonic gas meters, the company said in the filing. It is valued at Rs 3 crore, it added. Ultrasonic meters are considered the highest in efficiency in terms of accuracy and reliability, as these meters derive the volume flow of the gas by measuring the transit times of high-frequency sound waves. The Ultrasonic meters are eminently required at Large Diameter Gas Pipe Lines where it is a commercial loss to use the mechanical drive meters. Following the announcement, shares of Vikas Lifecare surged 3 per cent to Rs 3.4 on Thursday, before giving up its gains partially. The scrip had settled at Rs 3.31 in the previous. The company was commanding a market capitalization of Rs 485 crore. Shares of Vikas Lifecare have dropped about 10 per cent in the last one month, while the stock is down 30 per cent in the last six months and on a year-to-date basis. In the last one year, it has lost more than 40 per cent of its value. The meters supplied by Genesis shall be part of a Field Regulating Skid (FRS) to be used by various city gas distribution companies. It had signed an agreement with SICK AG, Germany to supply Ultrasonic Gas Meters for Industrial and Commercial gas customers. Vikas Lifecare is engaged in various business segments including polymer & rubber commodity compounds and master-Batches. It also manufactures up-cycled compounds from industrial and post-consumer waste and scrap materials. It also provides a wide variety of base polymers and commodity raw materials to ONGC.
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