Vikas Lifecare Shares Rally 14% On Majority Stake of Rs 12.5 Cr In MSR Apparels

Vikas Lifecare (VLL) has announced that it has acquired a majority stake in MSR Apparels Private Limited for nearly Rs 12.5 crore. MSR Apparels is engaged in the manufacturing of all types of textile garments and clothing accessories.

The company said that the latest acquisition will help in further diversifying its product portfolio and driving it into futuristic and unique product lines in the new edge businesses.

"We have acquired 98 per cent equity of MSR Apparels Private Limited from its existing promoters and shareholders in an all-cash deal for a total consideration of Rs 125 million thus it became a subsidiary company," Vikas Lifecare said in a statement on exchanges.
Vikas Lifecare recently forayed into the B2C segment with a host of consumer products including FMCG, agro and infrastructure products. The company was mainly engaged in the B2C segment.

Vikas Lifecare is mainly engaged in trading and manufacturing polymer, rubber compounds and additives for plastics, synthetic and natural rubber.

VLL is also a Del-Credere agent of ONGC, a public sector undertaking producing a wide variety of base polymers and commodity plastic raw materials.

Meanwhile, Vikas Lifecare in June quarter posted a manifold jump in its standalone net profit at Rs 13.31 crore, on account of higher income. It had clocked a net profit of Rs 2.33 crore in the April-June period of the preceding 2022-23 fiscal, the company said in a statement.

The company's total income increased to Rs 106.30 crore in the quarter under review, from Rs 88.87 crore in the year-ago quarter. Expenses were at Rs 91.77 crore, as against Rs 86.71 crore a year ago.

On Wednesday the shares of Vikas Lifecare opened on the BSE at Rs 3.66 apiece and clock an intraday high of Rs 3.94 during the afternoon deals logging an intraday gain of 13.58%. The scrip made a 52-week-high of Rs 5.54 on (23/08/2022) and a 52-week-low of Rs 2.66 on (24/05/2023).