Shares of Vakrangee rallied nearly 15 per cent on Monday after the midcap IT firm said it has entered into a strategic alliance with office automation firm Ricoh India.
The stock hit its fresh 52-week of Rs 174.40, up 14.92 per cent on Bombay Stock Exchange (BSE), and settled the day 9 per cent higher at Rs 165.45.
Shares of Ricoh India closed 7.21 per cent higher after hitting an intraday high of Rs 910.00, up 8.88 per cent.
"The total worth of the contract is worth Rs 400 crores while the duration of the contract will be spread to 5 years," said Ricoh India in a filing to BSE.
According to the deal, Vakrangee will provide managed print services on a pay per unit model to the un-served and under-served geographies in India through various Vakrangee Kendras.
"With the execution of national MPS agreement with Ricoh, Vakrangee intends to utilise the synergy based on strength of high quality product offering of Ricoh worth the support of quality services and expertise of Vakrangee to serve the end users," the Mumbai-based company said.
Vakrangee was among the top traded stocks in the BSE500 index.