Delta Manufacturing climbs on approving incorporation of wholly owned subsidiary
Delta Manufacturing is currently trading at Rs. 102.50, up by 2.04 points or 2.03% from its previous closing of Rs. 100.46 on the BSE.
The scrip opened at Rs. 100.55 and has touched a high and low of Rs. 102.50 and Rs. 98.90 respectively.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 132.12 on 04-Mar-2024 and a 52 week low of Rs. 71.15 on 25-Apr-2023.
Last one week high and low of the scrip stood at Rs. 108.95 and Rs. 96.00 respectively. The current market cap of the company is Rs. 108.88 crore.
The promoters holding in the company stood at 72.08%, while Institutions and Non-Institutions held 0.08% and 27.84% respectively.
Delta Manufacturing has approved the incorporation of ‘MMG Ferrites’ (MFPL), a new wholly owned subsidiary, proposed to be the joint venture company between PREMO, S.L. and the Company to undertake the business of soft ferrite manufacturing.
MFPL will undertake business as manufacturers and dealers in Soft Ferrite, Electronic instruments, Electronic and Electric Equipment, Electronic Components, Magnetic Tapes etc. Incorporation of new company will be tentatively completed by June 30, 2024.
Delta Manufacturing (DML) is one of the oldest business house in India, incorporated in 1982. The company has two primary business lines: (i) The manufacture and supply of magnets to tier 1 suppliers of all the two wheeler, three wheelers, passenger vehicles, electronic components and aerospace OEMs in India and worldwide, which it undertakes through its magnet division. (ii) The design, manufacture and supply of a wide range of garment trims in India i.e, woven labels, heat transfers, fabric printed labels, elastic & non-elastic tapes primarily to major garment / textile companies in India.
