Share Market News: Shares of Vikas Lifecare Limited (VLL) jumped over 7 per cent in the early trade on Thursday i.e. on January 4.
Share Market News: Shares of Vikas Lifecare Limited (VLL) jumped over 7 per cent in the early trade on Thursday i.e. on January 4. The surge comes as the company – which is also also a del-credere agent of ONGC (Oil and Natural Gas Corporation Ltd.) announced capacity expansion. The counter opened at Rs 5.25 and went on to hit a high of Rs 5.60 on the BSE.
The surge in share price comes as the company in an exchange filing said said that it has acquired a new land piece measuring about 1800 Sq. Mtr. adjoining to to the existing factories located at RIICO Industrial Area, Shahjahanpur, Rajasthan.
“The total cost of acquisition and development of the land and the building there on will be about INR 30 Million, whereas the equipment for the expansion of production capacity will cost another INR 230 Million,” the company said in an exchange filing.
The company said that the expansion will be ready to be utilized within the next 3 to 4 months.
“VLL is working in all directions to tap into the vertical as well as horizontal growth options via expanding conventional businesses and venturing into new business segments to fuel the fast-growth plans through various routes including merger and acquisition of going businesses from diverse fields,” the company said.
Disclaimer: The article is for informational purposes only and not investment advice.