Polymer and rubber compound makers’ shares decreased by 1% on Saturday, however, the business stated today that it has acquired substantial stakes in the “SKY 2.0” Club in Dubai (UAE) for USD 79 million.
Penny stock in focus tomorrow after announcing acquisition of SKY Club, Dubai for $79 Mil
With a market capitalization of Rs 1,032.54, on Saturday, the shares of Vikas Lifecare Ltd closed at Rs 6.70 per share, decreased around 0.89 percent as compared to the previous closing price of Rs 6.76
According to the company filing, Vikas Lifecare Ltd announced the acquisition of substantial Stakes in “SKY 2.0” Club, Dubai (UAE) for USD 79 Million. The purpose of this acquisition is to venture into the entertainment and hospitality business segment.
The company’s revenue decreased by 12 percent, from Rs 131.81 crore in Q2FY23 to Rs 116.03 crore in Q2FY24. During the same period, net profit also increased by 210 percent, from Rs 2.46 crore to Rs 7.65 crore.
The stock gave a 117.74 percent return in six months and a 51.69 percent return in a year. If an investor invests Rs 1 lakh in the company would be worth Rs 2.17 Lakhs in a year.
The company recently acquired 98% equity in MSR Apparels Private Limited (a company that manufactures all types of textile garments and clothing accessories) from its existing promoters and shareholders in an all-cash transaction for a total consideration of Rs 125 million, converting it into a subsidiary company.
Vikas Lifecare Ltd’s recent shareholding pattern, The Promoters of The company own 11.40 percent while Retail shareholders own an 88.58 percent stake in the company and Foreign Institutional Investors own a 0.02 percent stake.
Recently, Vikas Lifecare announced that it will acquire half of PME Entertainment’s shares from its existing owners via a share swap. Vikas Lifecare would invest in excess of Rs 100 crore in this key purchase.
Vikas Lifecare Limited is an India-based firm that trades and manufactures polymer and rubber compounds, as well as specialized additives for plastics, and synthetic and natural rubbers.
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