Stock market today: Small-cap agri stock under ₹50 jumps 6% on this fundamental update

  • Small-cap stock under 50 opened upside at 20.58 per share and touched an intraday high of 21.90 within a few hours of the opening bell

Asit Manohar
Updated25 Jun 2024, 02:57 PM IST
Mangalam Global Enterprise Ltd has entered into an agreement on June 18, 2024, to purchase plant, machinery and buildings from Shree Gurukrupa Oil and Foods.
Mangalam Global Enterprise Ltd has entered into an agreement on June 18, 2024, to purchase plant, machinery and buildings from Shree Gurukrupa Oil and Foods.(Photo: Pixabay)

Stock market today: Shares of Mangalam Global Enterprise Ltd, a small-cap stock priced under 50 per share, are showing promising signs. Today, the stock opened with an upside gap at 20.58 per share and touched an intraday high of 21.90 within a few hours of the stock market's opening bell. This positive trend is in line with the company's recent financial performance, which saw the small-cap agri stock logging an intraday high of over 6 percent during Tuesday deals.

Mangalam Global Enterprises news

In a press statement shared by the company, it was announced that Mangalam Global Enterprise Ltd has entered into an agreement on June 18, 2024, to purchase plant, machinery and buildings from Shree Gurukrupa Oil and Foods and lands admeasuring 19,833 square yards at Jotana, Mehasana, Gujarat. This strategic acquisition of new assets, including an Edible Oil Refinery & Packing Unit with a capacity of approx. 200 metric tons per day, and an Oil Seed crushing plant with a capacity of 20 metric tons per day, is expected to significantly enhance the company's production capabilities and potentially boost its financial performance in the near future.

After last week's Union Cabinet meeting, agriculture stocks are surging, which approved the Minimum Support Price (MSP) for the Kharif crops. The GoI increased the MSP on various Kharif crops in this cabinet meeting. However, the small-cap company said a 5-6 percent annual rise in MSP is a typical trend in India. They noted that the MSP increase is higher for pulses and oil seeds, which may help the company's financials soon.

The small-cap stock is available for trade on the NSE only. Its current market cap is 279 crore, and its trade volume on the NSE is around 7.15 lakh. Its 52-week high is 26.06, whereas its 52-week low is 12.49 per share.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

Numbers that help you understand news better
1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:25 Jun 2024, 02:57 PM IST
HomeMarketsStock MarketsStock market today: Small-cap agri stock under ₹50 jumps 6% on this fundamental update

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