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Vikas Ecotech gains 4% on receiving insurance claim for factory fire

The company had filed an insurance claim of Rs 16.31 crores with Oriental.

September 23, 2019 / 12:45 PM IST
 
 
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Shares of Vikas Ecotech added over 4 percent intraday on September 23 after the company received insurance claim from Oriental Insurance Company for factory fire.

The company has received an amount of Rs 8.37 crore towards insurance claim for the losses incurred on account of fire in its Rajasthan factory viz. Unit II of RIICO Industrial Area, Shahjahanpur, Alwar, Rajasthan and the same was reported as part of exceptional items in financials for the year ended March 31, 2017.

The company had filed an insurance claim of Rs 16.31 crores with Oriental.

The company plans to approach the appropriate Appellate authority for an appeal against the reduction of its claim and is expecting a favourable judgement.

At 1228 hrs, Vikas Ecotech was quoting at Rs 4.11, up Rs 0.11, or 2.75 percent on the BSE.

The share touched its 52-week high of Rs 19.90 and its 52-week low of Rs 3.41 on 21 September, 2018 and 26 August, 2019, respectively.

Currently, it is trading 79.35 percent below its 52-week high and 20.53 percent above its 52-week low.

Moneycontrol News
first published: Sep 23, 2019 12:45 pm

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