Vikas Ecotech informs about debt reduction program | View the details here
In the broader market, the BSE's smallcap index rose 1.23 percent and the midcap index rose 1.06 percent.
Share market news: Shares of Vikas Security Limited, which have delivered 22 percent returns to investors so far this year, have told the stock market that it has managed to deleverage again. The company has informed the stock market that under the pre-decided debt reduction programme, a loan of Rs 7.5 crore has been returned to the banks.
“As the company sprinted towards target debt reduction figures, the company initiated the process during August-September 2021 and since then, the company has repaid a total of Rs. 1262 million to the bankers; thereby reducing total bank debt from the peak of Rs. 1612 million approx to around Rs 350 million currently, which represents a reduction of (approximately) 78% from peak levels,” the company said in a stock exchange filing.
Vikas Ecotech Ltd. is a Delhi-based company engaged in specialty polymers and specialty additives and chemicals for the plastics and rubber industries, catering to a wide horizon of applications in agriculture, infrastructure, packaging, power,
shoes, pharmaceuticals, automobiles, medical devices and components and other consumer goods.
Meanwhile, benchmark indices Sensex and Nifty rebounded nearly 1 percent on Tuesday after buying in IT giants TCS and Infosys, foreign fund inflows and positive global trends.
After a strong opening, the 30-share BSE Sensex climbed 454.67 points or 0.63 percent to 72,186.09. As many as 19 Sensex stocks rose and 11 fell. During the day, the barometer rose by 529.98 points or 0.73 percent to 72,261.40.
The Nifty gained 157.70 points or 0.72 percent to close at 21,929.40, driven by gains in BPCL, HDFC Life and HCL Tech.
A recovery in Chinese markets also boosted sentiment, analysts said. Chinese markets rose as much as 4 percent after Monday's steep losses after a sovereign wealth fund said it would boost stock purchases. Reports also suggested that Chinese President Xi Jinping would meet with officials to discuss markets.
In the broader market, the BSE's smallcap index rose 1.23 percent and the midcap index rose 1.06 percent.