Vikas Lifecare receives first bulk-load export order of 1500MT of premium rice; Stock hits lower circuit

21 Feb 2022 , 11:59 AM

Vikas Lifecare on Monday announced its latest from its’ Agro Products Business Segment wherein things are happening at an encouraging pace and management is confident of surpassing the targeted figures.

While the Premium Rice business has been registering impressive numbers for the company in terms of sales and consistent growth of the Agro Products Division, the company has received its first bulk-Load Export Order of 1500MT of Premium Rice, Valued at about INR 85 Million to be executed in the current month itself.

Recently, the company acquired a cashew processing unit at Mangalore (Karnataka) having already started contributing in its full capacity since its commissioning and catering aggressively to the fast-growing order book in Premium Cashews Nuts Business, the management of the Company, considering the rising demand and a stable, consistent growth forecast for sales of Premium Cashew Nuts with increasing per-capita income and changing consumer preference towards premium products, has decided to double the installed cashew processing capacity.

The machinery and ancillaries required for enhancing the processing capacity have been planned, ordered and are expected to be commissioned and become completely operational by the end of March 2022 as such, this increased capacity will start generating revenue in the first quarter of next financial year.

At around 11.51 am, the company’s stock was trading at the lower circuit of Rs5.21 per piece down 4.93% on BSE.