Vikas Ecotech moves up on repaying debt of Rs 5 crore
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Vikas EcoTech is currently trading at Rs. 3.01, up by 0.02 points or 0.67% from its previous closing of Rs. 2.99 on the BSE.
The scrip opened at Rs. 2.99 and has touched a high and low of Rs. 3.04 and Rs. 2.96 respectively. So far 3298363 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 4.13 on 19-Jan-2023 and a 52 week low of Rs. 2.38 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 3.14 and Rs. 2.93 respectively. The current market cap of the company is Rs. 341.65 crore.
The promoters holding in the company stood at 7.85%, while Institutions and Non-Institutions held 15.18% and 76.97% respectively.
Vikas Ecotech has paid back another around Rs 5 crore, taking the total amount of bank-debt down to around Rs 60 crore and the overall bank-debt reduction of Rs 101.20 crore till date from the peak.
Post the current repayment, the company intends to payback additional Rs 10 crore before the close of this quarter, bringing down the debt levels to around Rs 50 crore, paving the way towards becoming a 'ZERO Debt Company' within F.Y.2023-24.
The company has set a goal for becoming a 100% Debt Free entity within FY 2023-2024 under Debt Reduction Program, on persistence and support extended by the promoters of the Company.
Vikas Ecotech is engaged in the business of Speciality 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.
