Small-cap stock below ₹50: LIC-owned Vakrangee share price hits 5% upper circuit | Stock Market News
Source: Live Mint
Small-cap stock: Vakrangee share price continued to witness strong traction for the third consecutive session as the stock opened at a 5 per cent upper circuit of ₹32.06 on BSE on Thursday, October 10. Shares of this LIC portfolio stock have been on a steady rise since Tuesday, gaining 5 per cent each day. At the current price of ₹32.06, the stock has gained nearly 16 per cent in the last three days.
The stock snapped its four-day losing streak on October 8, a day after it announced the launch of its own private-label apparel products across its e-commerce business.
“Vakrangee proudly announces the sourcing and distribution of its own Private Label Apparel products under the e-commerce business category. The company has successfully launched the pilot phase in the apparel segment and would leverage the extensive network of Vakrangee Kendra outlets, including both Franchisee and Master Franchisee channels,” the company said in an exchange filing.
After the pilot project, the company plans to scale the initiative to a pan-India level.
“Vakrangee Kendras are exclusive format outlets offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-commerce, e-governance and Total Healthcare. We will continue to add more products and services to offer our customers a one-stop solution to all their needs,” the company said.
Vakrangee share price trend
Vakrangee share price has been on a roll over the last year, surging as much as 95 per cent. It hit its 52-week high of ₹37.72 on October 1 this year and a 52-week low of ₹16.45 on October 11 last year.
On a monthly scale, the stock surged 74 per cent in September. However, after reaching a peak on October 1, it faced profit booking and has declined by 10 per cent this month despite the last three days of solid gains.
Vakrangee shareholding pattern
Vakrangee’s shareholding pattern data for the June quarter of the current financial year shows that by the end of the quarter, Life Insurance Corporation of India held 6,58,14,647 shares, equivalent to a 6.11 per cent stake in the company.
By the end of the same quarter, foreign portfolio investors (FPIs) held 3,15,03,809 shares, or 2.93 per cent, of the company’s shares.
Promoters and promoter groups of the company cumulatively held 41.92 per cent stake in the company.
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