Mangalam Global Enterprise rises on getting nod to incorporates wholly owned subsidiary
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Mangalam Global Enterprise is currently trading at Rs. 24.20, up by 1.06 points or 4.58% from its previous closing of Rs. 23.14 on the BSE.
The scrip opened at Rs. 23.34 and has touched a high and low of Rs. 25.13 and Rs. 23.34 respectively. So far 7271 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 26.10 on 14-Nov-2024 and a 52 week low of Rs. 21.15 on 21-Nov-2024.
Last one week high and low of the scrip stood at Rs 25.13 and Rs. 22.81 respectively. The current market cap of the company is Rs. 414.09 crore.
The promoters holding in the company stood at 72.01%, while Non-Institutions held 27.99% in the company.
Mangalam Global Enterprise has received approval for incorporation of a Wholly Owned Subsidiary (WOS) with the proposed name as MGEL Multicomm or such other suitable name may be available after complying with applicable procedures and formalities with the Ministry of Corporate Affairs (MCA), Government of India.
The incorporation of proposed WOS will enable the company to pursue some of its business in more focused manner. The Board of Directors of the company at its Meeting held on December 16, 2024, has approved the same.
Mangalam Global Enterprise was set up by Ahmedabad based Mangalam group.
