Vikas EcoTech reported a slight increase in the net profit from operations on a year-on-year (YoY) basis at Rs 1.55 crore in the June 2023 quarter.Shares of Vikas EcoTech rose about 7 per cent during the trading session on Monday ahead of its meeting of the board of directors later this week to consider preferential issue to the promoters of the company. The company informed about the same through an exchange filing on Saturday. The company board is scheduled to meet on Thursday, August 31, 2023 to issue securities, convertible instruments on preferential basis to Vikas Garg, the promoter of the company in cash, at premium, for an amount not exceeding Rs 35 crore, the company said in its exchange filing. The company board will also consider to increase authorised capital of the Company and consequent alteration in memorandum of association (MoA) of the company, the filing added further. Following the announcement, shares of Vikas EcoTech surged about 7 per cent to Rs 3.05 on Monday, before giving up its gains partially. The company was commanding a total market capitalization close to Rs 350 crore. The scrip had settled at Rs 2.86 in the previous trading session on Friday. Vikas EcoTech reported a slight increase in the net profit from operations on a year-on-year (YoY) basis at Rs 1.55 crore in the June 2023 quarter. The company's net profit came in at Rs 1.46 crore in the same quarter previous year. Vikas EcoTech is also reducing its debt in order to become debt free. The company has paid back Rs 7 crore in order to reduce bank-debt to Rs 65 crore. The company has reduced its bank-debt substantially from its peak at Rs 96.2 crore. The company has set a goal for becoming a 100 per cent debt-free entity within the current financial year. The New Delhi-based Vikas Ecotech is engaged in the business of specialty polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others. The company had recently launched funds through qualified institutional placement, while also reducing debt from its books.
Jio Platforms IPO: Record Rs 2.5 lakh crore bids for anchor book, should you subscribe?
India-US trade deal close to being final; complex set of factors involved: Marco Rubio
IMF warns AI market correction could hit India, flags risks to IT and back-office sector
Jio Platforms IPO: Deven Choksey sees double-return potential in 4-5 years
Elon Musk promises free SpaceX shares to every child in America next year
IMF Warns: AI Sell-Off, Bond Yields Could Rattle Markets
Dalal Street Outlook: Why High US Interest Rates May Not Hurt Indian Markets
“No Shortages, No Dry Outs”: Hardeep Puri on India’s Energy Security Amid Global Turmoil
Renault May Import Global Models Under FTAs If Demand Rises; Hybrids, CNG Have Strong Potential:
Urban Company Stock Falls 8% | Deven Choksey Warns Against High Valuations
Jio Platforms IPO: Record Rs 2.5 lakh crore bids for anchor book, should you subscribe?
Five factors behind the crash: Sensex tanks 1,100 points from day's high, Nifty below 22,850
Tech Mahindra, ICICI Lombard, HDB Financial: Top stocks to turn ex-dividend this week
Zerodha launches US stock investing in beta mode: All you need to know 
HFCL Q2 earnings: Net profit rises five times, shares hit upper circuit IMF Warns: AI Sell-Off, Bond Yields Could Rattle MarketsDalal Street Outlook: Why High US Interest Rates May Not Hurt Indian Markets
₹1.65 lakh off a Maruti Victoris? The October offer has three parts, and your old car can help you save more
Samsung vs Dua Lipa: The $15 million photo fight takes a new turn over TV packaging
India, Turkey, Egypt propose safe passage for ships carrying Ukrainian grain, Russia refuses: Zelenskyy
