Vakrangee set to provide GST related services; stock surges by 5%
The prominent name in the retail sector, Vakrangee Limited is the stock in focus on Tuesday. The stock is trading higher by nearly 5%.
The stock has touched its intraday high of Rs 354.45 per share, up by 5.4% on BSE as of 09:33 hours.
The company recently updated the Exchange regarding its new plans. The company has decided to provide the services of GST registration, filing of returns, payment and other value added services through Vakrangee Kendra outlets.
The most awaited uniform tax regime in the country, Goods and Services Tax is expected to be operational form July 1, 2017. All the companies including small scale enterprises are eying for the changes in its accounting and financial service to be in line with the new tax regime.
There is huge demand for the GST consultancy services by all companies in the country. In such ongoing huge demand, Vakrangee’s decision to provide GST services has caught the focus of investors in the market.
Currently the Company is operating more than 35,000 Vakrangee Kendra outlets across 16 States and has presence in more than 5,000 Postal codes across the country. The Company now plans to setup and manage a total of 75,000 “Vakrangee Kendra” outlets across India by 2020, covering the presence in all Postal codes across the country.
Incorporated in 1990, Vakrangee is the unique technology driven company focused on building India’s largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved rural, semi-urban and urban markets. These retail touch points are called as “Vakrangee Kendra” which act as the “One-stop shop” for availing various services and products.
Vakrangee Ltd is currently trading at Rs 348, up by Rs 11.85 or 3.53% from its previous closing of Rs 336.15 on the BSE.
The scrip opened at Rs 344.1 and has touched a high and low of Rs 354.45 and Rs 343.65 respectively. So far 713560(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 17790.15 crore.
The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 338.45 on 10-Apr-2017 and a 52 week low of Rs 160.1 on 09-Jun-2016. Last one week high and low of the scrip stood at Rs 337.75 and Rs 327.4 respectively.
The promoters holding in the company stood at 41.6 % while Institutions and Non-Institutions held 29.25 % and 29.14 % respectively.
The stock is currently trading above its 50 DMA.