Small-cap stock below ₹10: Pharma stock Vikas Lifecare hits upper circuit after getting new patent

Small-cap stock below ₹10: Shares of Vikas Lifecare is one of the penny stocks listed on the Indian stock market. The small-cap company with a market cap of around ₹961 crore is in the news today for receiving a new patent from the Indian Patent Office for the Innovative Multi-Layered Plastic Recycling Process. The company shared the development with Indian stock market exchanges in an exchange filing. After the spread of this stock market news, Dalal Street bulls started to pump money into the penny stock, which led to no seller in the stock. The small-cap stock below ₹10 hit a 5 percent upper circuit during the morning dealings on Thursday.

Vikas Lifecare share price today opened upside at ₹5.80 apiece on NSE and extended its morning gains further. the small-cap penny stock went on to touch an intraday high of ₹6 per share and locked in a 5 percent upper circuit. While climbing to this intraday high, the small-cap penny stock came close to its 52-week high of ₹8 apiece.

Vikas Lifecare news

In an exchange filing today, Vikas Lifecare said, "Vikas Lifecare Limited (VLL), is pleased to announce the granting of a new patent by the Indian Patent Office, Government of India, for its innovative process for Recycling of Multi-Layered Plastics and converting these into granules and products for Societal Applications. Patent No. 513213, with application number 202111047308, was granted on February 21, 2024."

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Multi-layered plastics are extensively used in the food and packaging industry due to their lightweight nature, non-toxic properties, good barrier properties, and resistance to humidity and bacterial growth i.e., chips packets, milk powder pouches, and namkeen packets, etc. However, the disposal of multi-layered plastic waste poses a significant environmental challenge as it is non-biodegradable and typically consists of different layers of plastics such as low-density polyethylene (LDPE), polypropylene (PP), polyethylene terephthalate (PET), and a metalized aluminum layer. Incineration of these waste multi-layered plastics leads to environmental pollution.

"This patent underscores Vikas Lifecare Limited's commitment to innovation and sustainability. The company continues to explore new avenues to contribute positively to society and the environment through its research and development efforts," Vikas Lifecare said in its exchange filing.

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