Vakrangee’s Share Price Rises 2% on Acquisition of Further Stake in Vortex Engineering

| Leave a Comment | Stocks

Vakrangee Limited, a technology company that provides financial and digital services, saw its share price rise 2% in the early trading hours of September 13 after news of the company buying a further 8.8% stake in Vortex Engineering Private Limited. This development comes just days after announcing a 48.5% stake acquisition.

The company has entered into a binding term sheet with the International Finance Corporation (IFC) for the acquisition of 66,050 equity shares from IFC for Rs 3.33 crore. The transaction is expected to be completed within 30 days from the term sheet date.

The acquisition of the further stake in Vortex Engineering is a strategic move by Vakrangee to strengthen its position in the ATM and payments ecosystem. Vortex Engineering is a leading supplier of ATMs and related products and services in India. The acquisition will give Vakrangee access to Vortex Engineering’s manufacturing capabilities and technology, which will help the company to expand its ATM network and offer a wider range of payment services.

Dinesh Nandwana, Managing Director & Group CEO of Vakrangee Limited, said, “This is a strategic investment which will help the company to have a complete backward integration in place and thereby unlocking future growth opportunities, leverage the cost synergies and technology know-how. Our move into this acquisition is yet another validation to achieve our set targets of 3 lakh+ outlets along with Minimum 15,000+ATMs by 2030.”

The acquisition of the further stake in Vortex Engineering is a positive development for Vakrangee. The move will help the company to strengthen its position in the ATM and payments ecosystem and achieve its growth targets.


Related News

  • 21 Sep

    Electronics Mart India shares jump over 4% on block deal

    Electronics Mart India shares climbed over 4% in opening trade on September 21 after 96.2 lakh shares of the firm changed hands in a block deal worth Rs 137.6 crore. The buyers and sellers could not be immediately ascertained. Electronics Mart India is a retailer of electronics home appliances and consumer durables. It is headquartered in Hyderabad, Telangana. The company's revenue jumped 19.95% year-on-year to Rs 1,691.56 crore in Q1 FY24. Its net profit climbed 48.2% to Rs 60.26 crore. Shares of the company are up 70% this year to date. The stock price is around 11% down from its 52-week high of Rs 166.50.

  • 21 Sep

    West Coast Paper Mills shares jump 3% on NCLT approval for Uniply Decor acquisition

    West Coast Paper Mills shares were trading 3% higher in the morning trade on September 21 after the paper-maker announced having received approval for its resolution plan to acquire Uniply Decor from the National Company Law Tribunal (NCLT). The company's stock has been on an upward trend since July 27th.

  • 21 Sep

    Zydus Lifesciences Receives USFDA Approval for Acne Gel

    Zydus Lifesciences shares rose nearly 1% on September 21 after the company received final approval from the USFDA for Clindamycin Phosphate Gel USP, a skincare gel used to treat acne. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. This is the latest in a series of approvals for Zydus Lifesciences from the USFDA. The company is expected to continue to do well in its current business operations, with new drivers for growth based on vaccines, biosimilars, and complex generics.

  • 20 Sep

    TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth

    TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth TCS, India's largest IT services company, has reported robust deal wins over the past few quarters. The company is also well-positioned to grab market share during the current challenging environment due to its strong domain expertise, global presence, and proven ability to cross-sell its services. The recent organizational restructuring is expected to alleviate concerns and aid in driving growth. Analysts maintain a Buy rating on TCS with a revised price target of Rs. 4,200, as they believe the company is well-placed to grab cost takeout as well as digital transformation programs along with opportunities arising from vendor consolidation.

  • 20 Sep

    Power Stocks Surge on Robust Growth Outlook

    hares of NTPC, Power Grid, and JSW Energy surged on September 20, buoyed by a robust growth outlook for the power sector. Jefferies recommended these stocks as its top picks, citing India's capex-driven GDP growth, which is expected to lead to a rise in power intensity. The brokerage firm also expects the capex CAGR in the power sector to rise 9x at 20 percent in the period of FY23 to FY26. The robust growth outlook for the power sector is supported by a number of factors, including India's growing economy and population, the government's focus on renewable energy and infrastructure development, and the government's various initiatives to promote electric vehicles and smart grids.

Leave a Reply

Your email address will not be published. Required fields are marked *