Vikas Ecotech rises on repaying another Rs 5 crore under debt reduction program
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Vikas EcoTech is currently trading at Rs. 3.26, up by 0.01 points or 0.31% from its previous closing of Rs. 3.25 on the BSE.
The scrip opened at Rs. 3.28 and has touched a high and low of Rs. 3.33 and Rs. 3.25 respectively. So far 3380465 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. 3.36 and Rs. 2.97 respectively. The current market cap of the company is Rs. 371.06 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 re-paid another Rs 5 crore to the bankers as part of its pre-defined debt reduction program wherein its targeted to make the business debt free by March 31, 2024. The Company had set a goal to be a debt-free business by March 31, 2024 and in due compliance with the targeted amount in Phase-1 of the Debt Reduction Program which was initiated on August-September 2021 the Company has re-paid Rs 105.20 crore to the bankers since then; thus reducing the total bank debt from the peak of around Rs 161.20 crore to about Rs 55 crore currently, making a 66% Reduction from the Peak Level within 24 Months of initiating the process.
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.
