Vakrangee surged 9.52% to Rs 166.65 at 12:30 IST on BSE after announcing an alliance with Ricoh India to provide managed print services on a pay per unit model to the un-served and under-served geographies in India through various Vakrangee Kendras.
The company made announcement on Saturday, 21 November 2015.
Shares of Ricoh India jumped 7.21% to Rs 896.
Meanwhile, the BSE Sensex was up 14.23 points, or 0.06%, to 25,885.66.
Huge volumes were witnessed on the counter. On BSE, so far 12.93 lakh shares were traded in the counter, compared with an average volume of 7.2 lakh shares in the past one quarter.
The stock hit a high of Rs 174.40, which is also a record high for the stock. The stock hit a low of Rs 162 so far during the day. The stock hit a 52-week low of Rs 86.55 on 3 June 2015.
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The stock had outperformed the market over the past one month till 20 November 2015, rising 14.96% compared with 5.27% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 19.63% as against Sensex's 6.3% decline.
The mid-cap company has an equity capital of Rs 52.92 crore. Face value per share is Re 1.
Vakrangee said that through this alliance, RICOH initially proposes to deploy multi functional printers (MFPs) at various Vakrangee Kendras located Pan India. With the execution of national MPS agreement with Ricoh, Vakrangee intends to utilise the synergy based on strength of high quality product offering of RICOH with the support of quality services and expertise of Vakrangee to serve the end users.
Vakrangee's consolidated net profit rose 13.22% to Rs 96.17 crore on 11.83% rise in net sales to Rs 787.61 crore in Q2 September 2015 over Q1 June 2015.
Vakrangee is a technology driven company, focusing on creating India's largest network of last-mile retail points-of-sale, to potentially enable every Indian to seamlessly benefit from financial inclusion, government programmes and from a wider access to basic goods and services.
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