Penny Stock Vikas EcoTech Issues Update On Debt Reduction Program

Small cap company operating under specialty chemical industry Vikas EcoTech Ltd on February 5, 2024 announced that it has re-paid another Rs 75 million to the bankers as part of its pre-defined debt reduction programme. Current market price of Vikas EcoTech share on BSE is Rs 4.47 per share with intraday gain of 0.68%. Vikas EcoTech shares soared 46% in last 6-months. Check details below:

Vikas EcoTech Issues Update On Debt Reduction Program: According to the BSE filing, "The Company whilst sprinting towards the targeted debt reduction numbers, initiated the process during August-Sept'2021 and since then the Company has re-paid a total Rs. 1262 Million to the bankers; thus reducing the total bank debt from the peak of Rs. 1612 Million approx. to about Rs 350 Million currently, making a 78% (approx.) Reduction from the Peak Level."

Vikas EcoTech Bags Orders: Earlier on December 8, 2023, the company informed via its exchange filing that it bagged orders worth nearly Rs 225 million for the specialty polymer compounds. These orders will be serviced within the next 30-45 days wiz latest by 15 February 2023. According to the BSE filing of the company dated December 8, 2023, "The company will achieve almost INR 1000 Million revenue contribution with these orders from the Specialty Polymer Compounds business vertical in the current fiscal so far and is eyeing at another bout of order inflow tapping into the upcoming seasonal Exports period during January~March 2024.

The technical team at Vikas Ecotech, as a long term strategy has invested valuable time and energies developing technically enhanced, better efficient and custom tailored grades offering maximum efficacy along-with best possible cost to performance preposition for its end users and has successfully developed new better grades of Specialty compounds which have been tested and approved for commercial scale application, some of which have been patented by the company and in return these relentless efforts and technical edge will help the company achieving the targeted INR 1500 Million from its Specialty Compounds business during this Financial Year, added the press release.

Vikas EcoTech Stock Performance & Return: The 52-week high price of Vikas EcoTech shares on BSE is Rs 5.09 apiece and 52-week low price is Rs 2.38 apiece, respectively. Its market capitalisation is Rs 577.18 crore. Vikas EcoTech shares rallied 22% year-to-date, and offered return of 21% in last 3-months. In last 2-years, Vikas EcoTech shares fell 21% and gained 164% in last 3-years.

About: Vikas Ecotech Ltd. is a New Delhi based company engaged in the business of Specialty Polymers & Specialty Additives and Chemicals for Plastics & Rubbers industries, catering to a wide horizon of applications in Agriculture, Infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, medical devices and components and other consumer goods. Vikas Ecotech is the only manufacturer of Organotin (Heat Stabilizers for Vinyl applications) in lndia with in-house R&D facilities and is one of the single digit number of manufacturers of this product worldwide, who have technology and expertise for manufacturing this material right from Tin Metal to the final product.

Disclaimer:

The stock highlights the debt reduction programme and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.