Multibagger penny stock in specialty chemicals biz aims to be debt free this fiscal, shares rally

Vikas Ecotech’s shares jumped 3% after it announced its plans to become a debt-free company during FY24. The company has already repaid debt worth ₹5 crore, bringing the total debt reduction to ₹79.1 crore. Vikas Ecotech aims to pay back an additional ₹29.5 crore before the end of March quarter, reducing the levels to ₹54.8 crore at the end of FY23. The company produces rubber-plastic compounds and additives, serving different sectors such as agriculture, healthcare and textiles, among others. Vikas Ecotech has a market capitalisation of ₹262.76 crore and is trading at a PE of 28.57.