This smallcap stock is down 92%, promoter lapping up shares big time!
By ETMarkets.com | Updated:
Highlights
- Dinesh Nandwana, promoter of Vakrangee, bought 31 lakh shares of the company through open market purchases
- The scrip had already wiped out humungous investor wealth in last 21 months, declining 92 per cent
- Among the notable investors in the company, LIC held 6.22 per cent stake in Vakrangee as of June 30
Dinesh Nandwana, promoter of Vakrangee, bought 31 lakh shares of the company through open market purchases in last two sessions and raised his stake to 5.93 per cent from 5.64 per cent as of June 30.
In regulatory disclosures on Tuesday, Nandwana said he bought 17,50,000 shares on September 23 and 13,50,000 September 24.
With a market capitalisation of Rs 3,100 crore, the scrip traded 0.84 per cent down at Rs 29.40 around 10.30 am (IST) on Wednesday.
The scrip had already wiped out humungous investor wealth in last 21 months, declining 92 per cent to Rs 29.70 as of September 24 from Rs 420.10 on January 1, 2018. BSE benchmark Sensex gained 15.60 per cent during the same period.
The stock came under pressure in early 2018 after auditing firm Price Waterhouse quit the audit mandate of the technology firm and raised concerns to the corporate affairs ministry about its books of accounts.
Among the notable investors in the company, LIC held 6.22 per cent stake in Vakrangee as of June 30, while foreign portfolio investors held 13.89 per cent stake.
The company posted 40 per cent year-on-year (YoY) drop in consolidated net profit at Rs 7.80 crore for June quarter. Net sales slipped 87 per cent YoY to Rs 126 during the same period.
Here's a look at changes brokerages made to their price targets on stocks, and the sectoral commentary they made in the last 24 hours:
In regulatory disclosures on Tuesday, Nandwana said he bought 17,50,000 shares on September 23 and 13,50,000 September 24.
With a market capitalisation of Rs 3,100 crore, the scrip traded 0.84 per cent down at Rs 29.40 around 10.30 am (IST) on Wednesday.
The scrip had already wiped out humungous investor wealth in last 21 months, declining 92 per cent to Rs 29.70 as of September 24 from Rs 420.10 on January 1, 2018. BSE benchmark Sensex gained 15.60 per cent during the same period.
The stock came under pressure in early 2018 after auditing firm Price Waterhouse quit the audit mandate of the technology firm and raised concerns to the corporate affairs ministry about its books of accounts.
Among the notable investors in the company, LIC held 6.22 per cent stake in Vakrangee as of June 30, while foreign portfolio investors held 13.89 per cent stake.
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The company posted 40 per cent year-on-year (YoY) drop in consolidated net profit at Rs 7.80 crore for June quarter. Net sales slipped 87 per cent YoY to Rs 126 during the same period.
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