The stock is up by 47.45 per cent from its 52-week low of Rs 16.15 per share.
The strategic partnership between Vakrangee Limited and Star Health & Allied Insurance Co. Ltd. marks a significant milestone in the Indian health insurance landscape. This collaboration aims to bridge the gap in healthcare accessibility, especially in remote and underserved regions, by offering a wide range of affordable health insurance products through Vakrangee’s extensive network of Kendras. With Star Health’s expertise in providing tailored insurance solutions and Vakrangee’s widespread reach, this partnership has the potential to drive significant health insurance adoption and provide financial protection to millions of Indians.
Key highlights of the partnership include the widespread availability of Star Health’s insurance products through Vakrangee’s 21,900+ Kendras, offering affordable health coverage options for customers, and a strong focus on financial and social inclusion. By leveraging Vakrangee’s presence in remote areas, this collaboration will significantly expand access to healthcare services and provide financial protection to the underserved sections of society. This partnership aligns with Vakrangee’s vision of becoming the most trusted convenience store in India, offering a one-stop solution for all customer needs.
Additionally, the Board of Directors of the company will be held on Tuesday, September 24, 2024, inter alia, to consider the proposal for raising funds by way of rights issues, warrants, preferential issues including a qualified institution placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company.
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About the Company
Vakrangee Ltd., established in 1990, is a technology-focused company that aims to bridge the digital divide. It operates a network of “Next-Gen Vakrangee Kendras,” franchise-based, one-stop convenience stores offering a range of services to rural, semi-urban, and urban India. The company primarily focuses on BFSI services, including banking, insurance, and ATM facilities. Additionally, Vakrangee provides e-commerce and logistics solutions, such as assisted online shopping, healthcare, travel services, telecom and bill payments, and courier services, effectively catering to the diverse needs of its customers in underserved areas.
On Wednesday, shares of Vakrangee Ltd gained 13.70 per cent to an intraday high of Rs 23.81 per share. The stock is up by 47.45 per cent from its 52-week low of Rs 16.15 per share. The shares of the company saw a spurt in volume by more than 5 times with 1.26 crore quantity traded on BSE.
The company has a market cap of over Rs 2,500 crore and as of June 2024, the Life Insurance Corporation of India (LIC) owns a 6.11 per cent stake in the company. The company is almost debt-free as its current debt is just 12 crore which is just 0.5 per cent of its current market cap. The shares of the company have a PE of 587x, an ROE of 3 per cent and an ROCE of 7.3 per cent. Investors should keep an eye on this Small-Cap IT stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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