Vikas Lifecare has announced that its recent acquisition Genesis Gas Solutions received orders totalling ~ INR 55 Million (i) for supplying 40,800 Natural Gas Meters, and (ii) for laying Pipeline and commissioning of Meter (Last Mile Connectivity) from Aavantika Gas Limited, a Joint Venture of GAIL (India) Limited & Hindustan Petroleum Corporation Limited under the Ministry of Petroleum and Natural Gas, Government of India.
Vikas Lifecare Limited is in the process of acquiring 75% equity of Genesis Gas Solutions Private Limited, a company engaged in the business of developing "Smart Products" including Smart Gas Meters & Power Distribution solutions for the infrastructure segment. Post completion of the acquisition process Genesis Gas Solutions Private Limited shall become subsidiary of the company and start contributing significantly in consolidated revenue and profits.
Genesis has certain very interesting achievements & developments to its credit:
- Genesis is the supplier of Gas meters to various CGDs of India, with having supplied more than 4 lakh meters of Hangzhou Beta Meter Co. Ltd (world's first ranking gas meter manufacturer company), along with after sales services under exclusive supply arrangement.
- Genesis also does Smart Meter Interface Unit (MIU) and associated services being used by Indraprastha Gas Ltd - JV of GAIL, BPCL and Govt of NCT of Delhi
- Genesis is smart metering solution provider (AMR & Prepaid) with RF based Lora WAN technology, partnering with Tata Communications.
- Genesis Gas developed India's first Meter Data Management (MDM)and Head end system for Gas utilities which run more than 150,000 smart meters in India.
- Genesis has also brought out its own network solution to complement its field devices which is now being recognized by companies like Honeywell and Hitachi who are testing these inhouse products for their projects world-wide
Shares of Vikas Lifecare Limited was last trading in BSE at Rs. 6.56 as compared to the previous close of Rs. 6.25. The total number of shares traded during the day was 3594058 in over 1765 trades.
The stock hit an intraday high of Rs. 6.56 and intraday low of 6.56. The net turnover during the day was Rs. 23577020.00.
Source : Equity Bulls