This small cap stock surges 13% and they reaching a new peak as board contemplates stock split
Small cap stock : Shares of Mangalam Global Enterprise experienced high demand on Thursday following the announcement that the company’s board of directors will be considering a sub-division of its shares. This news caused Mangalam Global Enterprise’s share price to surge by 13.4%, reaching an all-time high of Rs 33 per share on the BSE during Thursday’s intraday trading.
In an exchange filing on Wednesday, the company stated, “We would like to inform you that the Meeting of the Board of Directors of our Company is scheduled for Monday, January 13, 2025, to discuss and approve the proposal for the sub-division/stock-split of each existing equity share with a face value of Rs. 2/- (Rupees Two only) per share. This will be done in a manner determined by the Board of Directors, along with the necessary alterations to the Memorandum of Association of the Company. These actions are subject to the approval of the Company’s shareholders and any required regulatory/statutory approvals.”
Mangalam Global Enterprise Ltd (MGEL) previously split its shares on August 18, 2022, reducing the face value from Rs 10 to Rs 2. Following this split, shareholders received five shares for each share they originally held.
MGEL is an India-based company specializing in the manufacturing and trading of a wide range of agricultural products and oils, both edible and non-edible. Their diverse product line includes refined soybean oil, refined vegetable oil, pungent mustard oil, as well as agricultural products such as soya oil, soya meal, mustard oil, mustard meal, and cotton bales.
In addition to their oils and agricultural products, MGEL also trades in commodities like wheat and rice. Their products are distributed both domestically across India and internationally in countries such as Thailand and Oman.
With a total market capitalization of Rs 541.62 crore, MGEL is a significant player in the industry. As of 10:55 AM, the company’s stock price was trading 12.03% higher at Rs 32.59 per share on the BSE. In comparison, the BSE’s Sensex was down 0.58% at the 77,694.54 level.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.