Vakrangee Stock on FIRE! Outperforms Market by a MILE – Up 54% in a Month!

Vakrangee stock surges on Canara Bank tie-up

Vakrangee Stock on FIRE! Outperforms Market Vakrangee shares surged by over 7% on December 19, 2024, following the company’s partnership with Canara Bank as a Corporate Business Correspondent (CBC). This collaboration will enable Vakrangee to offer a variety of banking services through its extensive network of Vakrangee Kendra outlets. These services will include account openings, deposits, fund transfers, loan repayments, and various government-related activities, such as Aadhaar seeding and pension payments, particularly in underserved rural areas.

The stock touched an intraday high of Rs 31.40, with a trading volume of 1.01 crore shares on the NSE. Vakrangee has seen a remarkable 61% increase in its share price so far in 2024, bringing its market capitalization to Rs 3,352 crore. The company is also considering a fundraise, with its board set to meet on December 21 to discuss raising capital through various methods, subject to shareholder and regulatory approvals.

Vakrangee’s shareholding pattern reveals that promoters hold a significant 41.67% stake, while foreign institutional investors (FIIs) own 2.75%, with the rest held by non-institutional investors.

Vakrangee Stock on FIRE! Outperforms Market Vakrangee Limited, a technology-driven company, saw its stock rise by 7.46% to Rs 31.39 per share on December 19, 2024, following its partnership with Canara Bank. The collaboration allows Vakrangee’s network of Kendras to offer banking services, including account openings, deposits, withdrawals, loan repayments, and more, particularly in underserved rural regions of India. These Kendras, located in Tier-4 to Tier-6 areas, will also facilitate services like Aadhaar seeding, pension-related services, and social security schemes, helping bridge the financial inclusion gap in remote communities.

Vakrangee’s partnership with Canara Bank marks a major step in transforming banking access in rural India. The company’s network is poised to become a trusted provider of essential services, leveraging technology to bring banking closer to underserved populations.

Additionally, Vakrangee has announced plans to raise funds through a potential rights issue, warrants, or other methods, with a board meeting scheduled for December 21, 2024. The funds will be used to issue equity shares or other securities, subject to regulatory and shareholder approvals.

The company, which has a market cap of over Rs 3,300 crore, also has LIC as a shareholder, owning 5.07% of the company as of September 2024. Vakrangee operates a network of “Next-Gen Vakrangee Kendras,” offering services across various sectors, including BFSI, e-commerce, healthcare, and more. With a low debt level and strong growth potential, Vakrangee is attracting attention as a promising small-cap IT stock.

Vakrangee Stock on FIRE! Outperforms Market Vakrangee’s stock price surged by over 7% on December 19, 2024, despite a broader market downturn, with the Sensex and Nifty 50 both dropping by more than 1%. The stock rose as much as 7.77%, reaching ₹31.48 on the BSE. This increase followed the announcement of Vakrangee’s partnership with Canara Bank, where it will serve as a Corporate Business Correspondent (CBC) to provide banking services through its Vakrangee Kendra network. The collaboration aims to improve access to financial services in rural and underserved areas, particularly in the East Zone.

Vakrangee Kendras will offer a wide range of banking services, including account openings, loan repayments, debit card applications, pension payments, and more, all aimed at increasing financial inclusion in remote regions. The partnership combines Vakrangee’s extensive reach with Canara Bank’s banking expertise, which is expected to enhance rural banking infrastructure.

The stock has performed well recently, gaining over 15% in the past week, 40% in the last month, and more than 61% year-to-date. As of 10:25 AM on December 19, the stock was trading 5.75% higher at ₹30.89.

Vakrangee stock rallies strongly, outperforming market

Vakrangee Stock on FIRE! Outperforms Market Vakrangee’s stock price saw a notable rise of 8.84% on December 20, 2024, outperforming its sector by 1.01%. Over the past two days, the stock has accumulated a total return of 12.15%. In the last month, Vakrangee’s stock surged by 54.76%, significantly outperforming the Sensex, which gained just 1.89%.

The stock is currently rated as a ‘Hold’ by MarketsMOJO and has been part of the Hidden Turnaround category since May 2024. It is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating strong upward momentum. On December 20, Vakrangee’s 7.38% daily gain stood in contrast to a 0.22% decline in the Sensex.