Vikas EcoTech shares up 4% after debt deduction agendas
Vikas EcoTech shares: the company has paid around Rs 7 crore to lower bank debt to Rs 65 crore. The firm has lessened its bank debt substantially from its rise to Rs 96.2 crore.
Vikas Ecotech shares bounced from its early cuts. They surged 4 per cent during the session on Wednesday after the firm announced a robust quarter performance for the quarter ended on June 30, 2023. The business also announced to lower its debt to become debt free.
Vikas EcoTech reported a slight rise in the net profit from operations on a year-on-year (YoY) basis at Rs 1.55 crore in the June 30 quarter. The firm’s net profit stood at Rs 1.46 crore in the same quarter the last year, it said in an exchange filing.
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Vikas EcoTech has paid around Rs 7 crore to lower bank debt to Rs 65 crore. The firm has declined its bank debt substantially from its rise at Rs 96.2 crore. The business has planned to become a 100 per cent debt-free entity within the existing financial year, it said in another exchange filing.
The stock of Vikas EcoTech rebounded approximately 4 per cent to Rs 3.04 from its low of Rs 2.93 apiece. The firm’s total market capitalization stood near Rs 350 crore. The shares had settled at Rs 3 in the last trading session on Monday.
