 "Vakrangee, Oil India, Engineers India, Infibeam Incorporation hit 52-week highs")
Shares of Vakrangee, Engineers India, Oil India, Infibeam Incorporation and Swan Energy from the BSE500 index have hit their respective 52-week highs on BSE in an otherwise weak market. At 03:27 pm, the S&P BSE Sensex was down 0.28% at 26,153.
Engineers India rallied 8% to Rs 288, extending its Thursday’s 2% gain after the company recommended the issue of bonus shares in the proportion of 1:1 i.e. one new equity share every one existing equity shares.
Vakrangee surged 12% to Rs 280, also its record high on the BSE. The company had reported a 31% year on year (YoY) growth in consolidated net profit at Rs 126 for the quarter ended September 30, 2016 (Q2FY17). Total operational income grew 22% at Rs 959 crore on YoY basis.
Vakrangee has been appointed as Business Correspondent (BC) by various banks under the “Common BC” and “National BC” agreements, with a contract period of 5 + 2 years.
Going forward, the company plans to focus on Vakrangee Kendra outlet business which currently contributes around 60% of the total revenues. Vakrangee Kendra business has low capex requirement and low working capital requirement.
Infibeam Incorporation was up 8% to Rs 1,075 on BSE in intra-day trade, its highest level since listing on April this year. Infibeam is an e-commerce company, focused on developing successful e-commerce platforms and ecosystems.
Analyst at KR Choksey Institutional believes that the Value Added Services (VAS) such as logistics, payment solutions, warehousing facilities, digital catalogue, cloud services and analytics services offered by the company dictate the premium over its peers in the E-commerce space.
“With the Government’s Digital India and Smart Cities project, we expect internet access, internet users and smart-phone penetration to increase at tremendous pace, eventually breaking technological barriers in Tier II & Tier III cities and Rural India. With increasing access to the internet, we expect the E-commerce market to increase drastically, thereby expanding the market pie and incumbents’ shares,” added report.
Engineers India rallied 8% to Rs 288, extending its Thursday’s 2% gain after the company recommended the issue of bonus shares in the proportion of 1:1 i.e. one new equity share every one existing equity shares.
Vakrangee surged 12% to Rs 280, also its record high on the BSE. The company had reported a 31% year on year (YoY) growth in consolidated net profit at Rs 126 for the quarter ended September 30, 2016 (Q2FY17). Total operational income grew 22% at Rs 959 crore on YoY basis.
Vakrangee has been appointed as Business Correspondent (BC) by various banks under the “Common BC” and “National BC” agreements, with a contract period of 5 + 2 years.
Going forward, the company plans to focus on Vakrangee Kendra outlet business which currently contributes around 60% of the total revenues. Vakrangee Kendra business has low capex requirement and low working capital requirement.
Infibeam Incorporation was up 8% to Rs 1,075 on BSE in intra-day trade, its highest level since listing on April this year. Infibeam is an e-commerce company, focused on developing successful e-commerce platforms and ecosystems.
Analyst at KR Choksey Institutional believes that the Value Added Services (VAS) such as logistics, payment solutions, warehousing facilities, digital catalogue, cloud services and analytics services offered by the company dictate the premium over its peers in the E-commerce space.
“With the Government’s Digital India and Smart Cities project, we expect internet access, internet users and smart-phone penetration to increase at tremendous pace, eventually breaking technological barriers in Tier II & Tier III cities and Rural India. With increasing access to the internet, we expect the E-commerce market to increase drastically, thereby expanding the market pie and incumbents’ shares,” added report.
