Penny stock in focus after THIS business expansion update | Stock Market News
Source: Live Mint
Stock market today: Penny stock Vakrangee Limited on Tuesday, March 25, announced plans to expand its ATM network in the upcoming financial year. However, the update failed to lift the company’s stock price as a sharp selloff in the broader markets, especially in the small-cap segment, dented sentiments.
The company, part of the BSE Smallcap index, said that it plans to expand its ATM network by deploying 3,000 new ATM Machines in FY 2025-26. As part of this expansion, the company will be setting up UPI-based ATM machines, enabling simpler and completely cardless cash withdrawals, it added.
Vakrangee said it has already received over 465 new applications for setting up new ATM, signaling strong demand. It currently has 6,050 White Label ATMs (as on February 28, 2025), with 76% of these outlets in Tier 4 and 6 locations.
The company is primarily engaged in delivering real-time banking and financial services, ATM, insurance, e-Governance, e-Commerce and logistics services to the unserved rural, semi-urban and urban markets.
Commenting on this development, Vedant Nandwana, Managing Director of Vakrangee, said, “Our focus remains on bridging the financial accessibility gap in India. By deploying over 3,000 ATMs in the upcoming fiscal year, we aim to strengthen our position as a key player in financial inclusion and the ATM industry.”
The expansion is expected to benefit millions of customers, especially those residing in Tier 4 to Tier 6 cities, where access to traditional banking infrastructure remains limited, Nandwana added.
Stock Price Trend
Despite this update, Vakrangee’s share price remained in base-building mode in Tuesday’s trading session.
The penny stock opened at ₹11.66, higher than its previous close of ₹11.52. During the day, it touched a peak of ₹11.96 and a low of ₹10.95, also its 5% lower price band and a fresh 52-week low.
Finally, the scrip settled the day at ₹10.96 apiece, down 4.86% on the BSE. At the end of trade, the company’s market capitalization stood at ₹1,187 crore.
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