A penny stock, Vikas Lifecare, surged almost 10 per cent in intraday trade on BSE on Friday, December 6, in an otherwise weak market. The stock was witnessing strong investor interest as its trade volume was over 1 crore around 12:05 pm on Friday. Vikas Lifecare share price opened at ₹4.40 against its previous close of ₹4.32 and surged as much as 9.7 per cent to the level of ₹4.74. Around 12:05 pm, the stock traded 5.8 per cent higher at ₹4.57 apiece. Equity benchmark Sensex was almost flat at 81,816 at that time.
The penny stock swung to action a day after it announced the establishment of a new manufacturing facility under the Rajasthan Investment Promotion Scheme (RIPS).
In an exchange filing on Thursday, December 5, the company said: “Vikas Lifecare is pleased to announce the establishment of a new, state-of-the-art manufacturing facility in the Shahjahanpur RIICO Industrial Area, spanning 20,000 square feet, under the Rajasthan Investment Promotion Scheme (RIPS).”
“Scheduled to commence operations in December 2024, this facility will specialise in manufacturing advanced commodity compounds, including EVA, ATH, Thermoplastic Rubber, and Thermoplastic Elastomer. This strategic initiative reaffirms the company’s commitment to leveraging RIPS incentives for driving profitability and fostering regional development,” said the company.
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