Penny Stock Issues Update On IGL Genesis, Rallies 133% In 6-Months

Small cap recycling player Vikas Lifecare Ltd shares gained 4.87% on February 2 to settle at Rs 7.10 apiece on BSE. The company on February 2, 2024 issued a key update from IGL Genesis Technologies Limited (IGTL), the joint venture company formed between Genesis Gas Solutions Pvt ltd (GGSPL) & Indraprastha Gas Limited (IGL). Check details below:

According to the press release, "While IGTL initiated the process of establishing the production facility to manufacture Smart Gas Meters in India with Technical Knowhow from Hangzhou Beta Meter Co., Ltd (Holley Group), the largest producer of Gas Meters across the globe. Whereas, IGTL has acquired the Technology for manufacturing of Smart Gas Meters for about USD 2.4 Million (INR 199.20 Million Approx.), of which IGTL has remitted 50% about USD 1.2 Million (INR 99.60 Million Approx.) this week. The funds for the payment have been sourced from the capital infusion of about INR 370 Million, contributed at IGTL by IGL & GGSPL (Infused by VLL) in the ratio 51:49 respectively."

About the technology: Gas meter manufacturing involves sophisticated technologies aimed at ensuring accuracy, reliability, safety and rangeability over long durations for measuring gas consumption.

The Flow Measurement Technology: Gas meters rely on various flow measurement technologies to accurately quantify the volume of gas passing through them. The most common type of flow measurement system used in gas meters is Diaphragm Based Measurement System, which has been acquired from the largest producer of Gas Meters "Hangzhou Beta Meter Co. Limited. To create an integrated Smart Factory IGTL has opted for State of The Art, Fully Automated Equipment for which the technology has been suitably modified to suit the Indian Environment."

Vikas Lifecare Stock Performance & Return: Last trading price of Vikas Lifecare shares on BSE is Rs 7.10 apiece with intraday rally of 4.87%. The 52-week high price of Vikas Lifecare shares on BSE is Rs 7.92 apiece and 52-week low price is Rs 2.66 apiece, respectively. The company has a market capitalisation of Rs 1094.18 crore. Vikas Lifecare shares offered return of 36% in last 1-month only, soared 52% in last 3-months, gained 15% in last 2-years, and rallied 155% in last 3-years.

About IGTL: IGTL has been incorporated recently during June 2023, pursuant to the Joint Venture Agreement signed between IGL & GGSPL in March 2023, while GGSPL had been acquired by VLL during January, 2022. IGTL has initiated the process to establish India's first facility to produce Smart Gas Meters, which is expected to be erected by May'2024 and start production in the IIND Quarter of FY 2024~25.
Genesis was Co-Founded in 2017 by a team of technopreneur's and finance professionals has been specifically focussed on the evolving City Gas Distribution sector.

About Vikas Lifecare: It is an ISO 9001:2015 certified company, conventionally engaged in manufacturing and trading of Polymer and Rubber compounds and Specialty Additives for Plastics, Synthetic & Natural Rubber. Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches (Manufacturing up- cycled compounds from industrial and post-consumer waste materials like EVA, PVC, PP, PE etc.), contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates consuming hundreds of thousands of tons of plastic products and packaging materials.