Ashapura Minechem soars on getting nod to incorporate wholly owned subsidiary
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Ashapura Minechem is currently trading at Rs. 343.40, up by 5.90 points or 1.75% from its previous closing of Rs. 337.50 on the BSE.
The scrip opened at Rs. 337.50 and has touched a high and low of Rs. 347.00 and Rs. 323.90 respectively. So far 40163 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 483.25 on 08-Dec-2023 and a 52 week low of Rs. 211.60 on 16-Aug-2023.
Last one week high and low of the scrip stood at Rs. 356.00 and Rs. 323.90 respectively. The current market cap of the company is Rs. 3148.04 crore.
The promoters holding in the company stood at 45.39%, while Institutions and Non-Institutions held 16.90% and 37.71% respectively.
Ashapura Minechem has received approval for 100% subscription to incorporate a wholly owned subsidiary of the Company namely ‘AQ Minerals’. The incorporation of the wholly owned subsidiary will leverage the growth opportunities in the mining industry and will help the Company in becoming more agile.
The Board of Directors of the Company at their meeting held on August 13, 2024 has approved the same.
Ashapura Minechem is the mine owner and exporter of bentonite. The company also has business interests in iron ore, bleaching clay, kaolin and barites. They have also recently diversified into bauxite.
