Vakrangee Shares Surge 12%: Fundraising Plans and New Partnership Drive Rally

Vakrangee shares experienced a significant 12% surge in early trading today. This rally followed two major announcements from the company. Firstly, the Board of Directors is scheduled to meet on September 24 to discuss a potential fundraising proposal. Secondly, Vakrangee has partnered with Star Health Insurance to offer health insurance products through its extensive network.

In today’s session, Vakrangee’s stock climbed by 12% to reach Rs 23.45 on the BSE, compared to its previous close of Rs 20.94. The company was the top gainer on the BSE, with a total of 40.63 lakh shares traded, generating a turnover of Rs 9.20 crore. Vakrangee’s market capitalization now stands at Rs 2436.88 crore.

Stock Performance and Market Trends

Vakrangee’s stock has shown high volatility, with a beta of 1.4, and is currently trading above all major moving averages, including the 5-day, 10-day, 50-day, and 200-day averages. The stock had hit a 52-week low of Rs 16.15 on October 10, 2023, and a 52-week high of Rs 32.19 on February 1, 2024. The relative strength index (RSI) of 47.1 suggests the stock is neither overbought nor oversold.

Fundraising Announcement

Vakrangee’s Board of Directors will convene on September 24, 2024, to evaluate various fundraising options, including rights issues, warrants, preferential issues, or qualified institutional placements. These measures are subject to regulatory approvals and shareholder consent.

Partnership with Star Health Insurance

In a separate development, Vakrangee has entered into a strategic alliance with Star Health & Allied Insurance Co. Ltd. To offer health insurance products. This partnership aims to expand access to comprehensive health insurance through the Vakrangee Kendra network, especially in underserved and remote areas.

Vakrangee Limited is a technology-driven company focused on enhancing financial, social, and digital inclusion. Operating on a franchise-based, asset-light model, Vakrangee Kendras provide a wide range of products and services, from banking to insurance, in a single digital platform.

Disclaimer: The above content is for informational purposes only and does not constitute financial advice. Always consult a qualified financial advisor before making investment decisions.