Penny Stock Below Rs 10: Fintech Stock Bags Rs 37.79 Crore Order from One of India's Largest Public Sector Banks; Check Details

On Friday, Indian equity benchmark indices traded lower, with the benchmark Nifty 50 index falling 65.35 points, or 0.27 per cent, to 24,570.65. Amid the weak market sentiment, Vakrangee share price slipped 0.17 per cent to Rs 5.99 after the company announced that its subsidiary, Vortex Engineering Private Limited, had secured a Rs 37.79 crore purchase order from one of India's largest public sector Banks for ATM deployment and maintenance.

Vakrangee Secures Rs 37.79 Crore ATM Order

Vakrangee informed the stock exchanges that Vortex Engineering Private Limited, its subsidiary, has received a purchase order from one of India's largest public sector banks for the end-to-end supply, installation, commissioning and maintenance of 540 ATM machines and 1 KVA UPS, including annual maintenance support. The contract is valued at Rs 37.79 crore (including GST).

According to the filing, the order will be executed over a seven-year period, and the customer has not been disclosed due to confidentiality obligations. The company also confirmed that the order is from a domestic entity and does not involve any promoter or related-party interest.

Strengthens Banking Infrastructure Portfolio

The company stated that the repeat order strengthens Vortex Engineering's institutional banking infrastructure portfolio and reinforces its position as a provider of indigenous, energy-efficient ATM solutions. The business has supplied more than 15,500 ATM machines to date, has an annual manufacturing capacity of 12,000 ATM units, and holds nine patents/IPs related to ATM and cash dispenser technologies.
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In addition to ATM hardware, Vortex offers Perfo®, an ATM monitoring and operational intelligence platform that enables banks to monitor ATM health, transaction performance, cash availability and network status, helping improve uptime and operational efficiency.

About Vakrangee

Vakrangee Ltd is one of India's largest last-mile distribution platforms with a pan-India presence, offering banking, financial services, ATM, insurance, e-governance and e-commerce solutions through its Vakrangee Kendras and BharatEasy digital platform. Its subsidiary, Vortex Engineering, is a leading provider of ATM solutions and cash automation technologies for domestic and international markets.

Do you think this new public sector bank order will strengthen Vakrangee's long-term growth in the banking infrastructure business?
Disclaimer: The article is for informational purposes only and not investment advice