Vakrangee Share Price Surge After Partnership With Canara Bank

Vakrangee Limited stock rose over 7% on Friday morning after partnering with Canara Bank for offering banking services. The last mile distribution platform announced on Dec. 18 that these services will be offered through Vakrangee Kendra networks.

The collaboration will have Vakrangee’s network of kendras deliver a comprehensive suite of banking services to underserved and unbanked communities in the east zone parts of the bank, according to the release.

The range of new offerings includes the opening of bank, FD accounts. It will also include repayment and recovery of loans, applications for cards and chequebook services etc. Passbook updation, balance enquiry and issue receipts will be included too.

There is an option to enroll for social security schemes like PMSBY, PMJJBY, APY, SSY & PPF. Aadhaar seeding, pension payments are also offerings.

Vakrangee stock rose as much as 8.98% during the day to Rs 34.96 apiece on the NSE. It was trading 7.08% higher at Rs 34.35 apiece, compared to an 0.02% decline in the benchmark Nifty 50 as of 10:43 a.m.

It has risen 82.93% in the last 12 months and 81.37% on a year-to-date basis. The total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 73.37. No analysts are tracking the company.

Vakrangee is a last-mile distribution platform with both physical and digital eco-systems with a pan India presence. The company's services include real-time banking and Financial Services, ATM, insurance, e-Governance, e-Commerce and logistics services.