Healthways, Company

BSE (560961) & NSE (VIKASECO) listed Vikas Ecotech Ltd an emerging player in the global arena of the high-end speciality chemicals players, offering eco-friendly and technologically superior products to the world, has announced that on persistence and support extended by the promoters of the Company, it has initiated 2nd Phase of the Debt Reduction Program, wherein overall bank debt shall further get reduced by another 20% from the peak exposure.Rs 100 million has been paid back already and another tranch of Rs. 120 million has been paid to reduce its' bank debt, in the Phase-II of Debt-Reduction Program, making it Rs. 220 million bank-debt repaid of the Rs. 350 million bank debt repayment envisioned for the current fiscal.After completion of both these phases, bank debt shall get reduced by approx. 40% from the peak exposure, paving the way towards becoming a 'ZERO debt company' in the next financial year i.e. 2022-23.Further, promoters of the Company have intended to get their financial assistance/unsecured loans, provided for debt reduction program, converted into equity at the appropriate stage after obtaining statutory approvals.Recently, Vikas Ecotech had informed exchanges that it has been diversifying to newer markets with innovative products.As a measure of backward integration, the Company has commissioned a Steel Pipe Fittings plant, which after trial production, went into commercial production almost 2 months ahead of schedule.With increasing economic activities and governments thrust on infrastructure development, there is a huge demand of fittings by all major steel tube manufacturers like APL Apollo, Jindal, Hi-tech, etc. and they prefer sourcing from the vendors who has inhouse steel tube fitting manufacturing facilities.Considering it as a long-term opportunity, which not only enhances the company's revenues, product basket, profitability but also mitigates concentration risk, the company has successfully bagged commercial-scale orders. Since the production of fittings and their supplies are much ahead of their scheduled targets, Vikas is expecting a good revenue contribution of this newly added business segment.The company has been most recently empanelled as an approved vendor with the U.P. State Horticultural Co-Operative Marketing Federation (HOFED) a UP Govt. Enterprise.Its first of its kind of empanelment for Vikas Ecotech that too along-side other industryconglomerates like Supreme Industries, Advance Biocare, Stellar Polyplast etc.Enhancements in Intellectual Property: Successful registration of patent for use of Nano CaCO3 in Plastic & Rubber Compounds The company's ultra modern latest state of art, R&D laboratory undertook research for Nano Composites and their use in the plastic and rubber industry, the company has filed a patent for the use of Nano Calcium Carbonate (CaCO3) as a multi role additive and modifier.This story is provided by PNN.will not be responsible in any way for the content of this article. (ANI/PNN)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

HealthwaysFOLLOW

Healthways, Latest News

New Delhi, Feb 18 InterGlobe Aviation's non-executive, non-independent director and co-founder Rakesh Gangwal on Friday tendered his resignation ... ...

India's leading omni-channel direct-to-consumer jewellery brand, CaratLane, recorded its best ever quarterly revenue of Rs 447 cr. on the back of a strong growth momentum witnessed in the festive season. CaratLane also recorded their highest EBIT mar ...

Delhi Based-StartUp, Taxfry incorporated in 2020 by aspiring Entrepreneurs - Rakesh Saini, Ankita Bansal, and Nidhi Bansal, Under the mentorship of CA Amit Bansal and CA Nitin Gupta making up Presence in Taxation, Accounting, and Compliance Industry. ...

TVS Motor Company reported a highest ever operating revenue of Rs. 5,706 Crores in the third quarter of 2021-22 as against Rs. 5,391 Crores in the third quarter ended December 2020. ...

BSE listed Sindhu Trade Links Limited is pleased to inform that in terms of Company Managements decision to become debt-free, it has reduced its bank debt by Rs. 1041.5 million, almost 1/3rd of its peak bank-debts. ...

TVS Motor Company registered sales of 266,788 units in January 2022 as against sales of 307,149 units in the month of January 2021. ...

Healthways Dairy & Foods Pvt Ltd, one of India's emerging dairy companies, after embarking on successful milk operations in Gorakhpur and neighboring areas in September 2021, has seen further fruition with its new world-class fresh milk and milk prod ...

BSE (560961) & NSE (VIKASECO) listed Vikas Ecotech Ltd an emerging player in the global arena of the high-end speciality chemicals players, offering eco-friendly and technologically superior products to the world, has announced that on persistence an ...