Vikas Ecotech shares rise 5% after order win from Prism Johnson

Shares of Vikas Ecotech gained as much as 5 per cent during the trading session on Friday after the company bagged an order worth Rs 20 crore to supply coal from Prism Johnson. The company received the order from Rajan Raheja Group promoted entity on Friday.

Vikas Ecotech will begin the supply within next 15 days and the order shall be completed by October 31, 2023. Prism Johnson, promoted by the Rajan Raheja Group is a listed cement manufacturer. The company ventured into the conventional energy market with the supply of coal which is the major source of energy in India.

Following the announcement, shares of Vikas Ecotech rose 5 per cent to Rs 3.19 on Friday, before giving up its gains partially. The company commanded a total market capitalization of more than Rs 350 crore. The scrip had settled Rs 3.05 on Thursday.

Vikas Ecotech has been actively exploring business opportunities in the energy segment including the conventional sources of energy being used in India as well as the renewable and green energy segments, it said in the exchange filing submitted with the bourses.

The company board of Vikas Ecotech is scheduled to meet on Thursday, August 10 to consider and approve the results for the quarter ended June 30, 2023.

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.

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