The shares of Mangalam Global Enterprise Limited opened at Rs 206 on Wednesday as against its previous close of RS 203. Till 11.30 am the shares had climbed 2.7% and were trading at Rs 209. In the last five days, the stock has climbed by more than 13%. So far this year, the stock has gained more than 70%.
A year ago the shares were trading at Rs 52 a piece on NSE. From there it has climbed up to the current levels representing a multibagger return of greater than 310%.
The shares reached their 52-week high of Rs 240 in April this year. Currently, it is training at a 10% discount from its high.
The multibagger stock is coming up with a stock split in August. The face value of the company will be reduced from Rs 10 per share to Rs 2 per share. The stock will start trading Ex-Split on August 18th, 2022.
In Q1FY23, the company reported total consolidated revenue of Rs 291 Crores up from Rs 258 Crores which it earned in the same quarter a year earlier. However, their net losses widened to Rs 3 crores in the quarter as against a loss of Rs 66 lakhs in Q1FY22.
Mangalam Global Enterprise Ltd is engaged in the activity of manufacturing and trading castor seeds, castor derivative products, cotton, cotton ginning, other Agri commodities, other merchandise, and agency service activity.
The Mangalam group is also engaged in the business of Stainless steel, E-waste management, speciality chemicals, and structured Finance.
The company falls under the midcap category with a market capitalization of Rs 537 Crores. The promoters of the company hold a 72.31% stake in the company and have pledged zero shares.
Written by – Anoushka Roy
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