Modern Insulators gains on getting nod to incorporate wholly owned subsidiary
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Modern Insulators is currently trading at Rs. 59.60, up by 0.60 points or 1.02% from its previous closing of Rs. 59.00 on the BSE.
The scrip opened at Rs. 60.00 and has touched a high and low of Rs. 60.00 and Rs. 59.04 respectively. So far 1122 shares were traded on the counter.
The BSE group 'XT' stock of face value Rs. 10 has touched a 52 week high of Rs. 71.50 on 10-Aug-2023 and a 52 week low of Rs. 36.60 on 26-Dec-2022.
Last one week high and low of the scrip stood at Rs. 62.95 and Rs. 59.00 respectively. The current market cap of the company is Rs. 280.51 crore.
The promoters holding in the company stood at 60.20%, while Institutions and Non-Institutions held 2.82% and 36.98% respectively.
Modern Insulators has received approval to incorporate a wholly owned subsidiary to manufacture Composite Insulators. The Company would infuse up to Rs 5 crore in equity share capital in one or more tranches. The Board of Directors of the Company at their meeting held on August 22, 2023 have approved the same.
Modern Insulators is primarily engaged in the business of manufacturing insulators and terry towels.
