Merrill hikes stake in Vakrangee to nearly 8%

Merrill Lynch has increased its stake in Vakrangee Software, an integrated document management and printing management solutions provider, to 7.72%. The total FII holding in Vakrangee Softwares is now 39.49%.

Dinesh Nandwana, chairman and managing director, Vakrangee Software, said: "With our strong positioning in the government and e-governance sector, we are also successfully tapping private and high growth sectors like telecom, insurance, financial services and retail. We have also ramped up our capacity by placing order on Eastman-Kodak for the acquisition of a state-of-the-art variable data digital colour printing facility to increase output from 2.4 million pages per day to 4.8 million pages per day."

Vakrangee reported a 107% increase in net profit at Rs 13.53 crore for the quarter ended December 31, 2007 when compared with Rs 6.54 crore in the corresponding quarter last year.