Ashapura Minechem surges as its arm enters into long term MoU with China Railway
Ashapura Minechem is currently trading at Rs. 533.00, up by 13.35 points or 2.57% from its previous closing of Rs. 519.65 on the BSE.
The scrip opened at Rs. 551.00 and has touched a high and low of Rs. 571.00 and Rs. 530.65 respectively. So far 162969 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 571.00 on 20-Jan-2025 and a 52 week low of Rs. 199.95 on 29-Oct-2024.
Last one week high and low of the scrip stood at Rs. 571.00 and Rs. 422.35 respectively. The current market cap of the company is Rs. 5083.90 crore.
The promoters holding in the company stood at 47.70%, while Institutions and Non-Institutions held 16.15% and 36.15% respectively.
Ashapura Minechem’s overseas subsidiary has entered into a long-term Memorandum of Understanding (MoU) with China Railway, a Global Fortune 500 Company, to jointly develop its Fako bauxite deposit in the Kindia region of Guinea.
In terms of MOU, China Railway will be responsible for production of Bauxite and provide logistic solution while Ashapura will be totally responsible for sales and marketing and providing technical support including quality assurance for the project.
The abovementioned project may set to transform one of Guinea's most underdeveloped regions by creating job opportunities. It will also boost Company’s production capacity while driving economic growth and improving lives of local communities in the Fako region. This collaboration underscores Ashapura’s commitment to sustainable development, economic upliftment and community welfare in Guinea.
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.
