Vakrangee shares rose 12% today: Two key factors behind the rally  

Shares of Vakrangee zoomed 12% in early deals today after the firm said its Board of Directors would meet on September 24 to consider a proposal for raising funds. Additionally, the company has partnered with Star Health Insurance to offer health insurance products across its network.Vakrangee stock climbed 12% to Rs 23.45 on Wednesday against the previous close of Rs 20.94 on BSE. It was the top gainer on BSE today. A total of 40.63 lakh shares of the technology company changed hands, amounting to a turnover of Rs 9.20 crore on BSE. Market cap of the firm stood at Rs 2436.88 crore. 

The stock hit a 52-week low of Rs 16.15 on October 10, 2023 and a 52-week high of Rs 32.19 on February 1, 2024.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 47.1, signaling it's trading neither in the overbought and nor in the oversold zone. Vakrangee shares have a beta of 1.4, indicating very high volatility in a year. Vakrangee shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

"The meeting of Board of Directors of the Company will be held on Tuesday, September 24, 2024, inter alia, to transact the following businesses. To consider the proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company," said the firm in a communication to bourses. 

In another key announcement, Vakrangee has joined hands with Star Health Insurance to offer health insurance products across its network. 

"Vakrangee Limited is proud to announce a strategic corporate agency tie-up with Star Health & Allied Insurance Co. Ltd. (Star Health Insurance), India's largest retail health insurance company. This partnership aims to provide easy access to comprehensive health insurance products through Vakrangee Kendra network across the Country. Through this collaboration, Vakrangee will offer a wide range of health insurance products from Star Health to its customers, ensuring enhanced penetration of health insurance services in remote and underserved regions of the Country," said the firm.  

Vakrangee Limited is a technology company focused on financial, social and digital inclusion of its customers. It operates on an asset-light, franchisee-based business model to cater to the needs of its stakeholders. It assisted digital convenience stores, Next-Gen Vakrangee Kendras offers solutions for multiple products and services.