Multibagger penny stock under ₹10 hits 52-week high after incorporation by its subsidiary

Penny stock under ₹10: Vikas Lifecare shares are one of those small-cap stocks of the Indian stock market that are priced under ₹10 per share. This penny stock under ₹10 has been in an uptrend after ushering in the new year 2024. The small-cap stock has surged from ₹4.95 to ₹7.45 apiece levels in the year 2024, delivering over 50 per cent return to its positional shareholders. however, it seems that penny stock below ₹10 still possesses some upside steam.

Vikas Lifecare share price today opened upside and went on to touch an intraday high of ₹7.45 apiece on NSE. This intraday high turned out a new 52-week high for this penny stock.

Vikas Lifecare news

In its exchange filing on Friday, Vikas Lifecare informed Indian stock market bourses about incorporation by its subsidiary company Genesis Gas Solutions Pvt Ltd. The Vikas Liife subsidiary has accomplished the incorporation of IGL Genesis Technologies Limited — a joint venture with its joint venture with Indraprastha Gas Limited. The cost of incorporation is ₹18.1 crore.

Vikas Lifecare informed Indian bourses about the incorporation saying, "Vikas Lifecare Limited is thrilled to announce that its subsidiary company Genesis Gas Solutions Pvt. Ltd. (Genesis) has accomplished the incorporation of“IGL Genesis Technologies Limited” the joint venture company with Indraprastha Gas Limited (IGL). “IGL Genesis Technologies Limited” has been incorporated with equity participation from Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Pvt. Ltd. (Genesis) in the ratio of 51:49 respectively."

"With the incorporation of “IGL Genesis Technologies Limited”, Genesis Gas Solutions Pvt Ltd has completed the inducement of its share of the Paid-Up capital amounting to INR 181 Million in the newly incorporated entity," Vikas Lifecare concluded.

Vikas Lifecare share price history

In the last one month, this small-cap stock has delivered around 40 per cent return to its shareholders whereas, in the last six months, this penny stock has delivered a multibagger return to its investors. In the last six months, this penny stock has risen to the tune of 120 per cent. However, in the last one year, it has risen to the tune of 55 per cent only.

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