Smallcap stock jumps 13%, hits new high as board considers stock split

Shares of Mangalam Global Enterprise were in demand on Thursday, after the company said that its board of directors will consider a sub-division of its shares. Mangalam Global Enterprise share price surged 13.4 per cent to hit an all time high at Rs 33 per share on the BSE in Thursday’s intraday deals. 

 

“We would like to inform that the Meeting of Board of Directors of our Company will be held on Monday, January 13, 2025 to consider and approve the proposal of Sub-division/ Stock-Split of each existing equity share of face value of Rs. 2/- (Rupees Two only) each equity shares in such manner as may be determined by the Board of Directors and consequent alteration of Memorandum of Association of the Company, subject to the approval of the shareholders of the Company and regulatory/statutory approvals as may be required,” the company said in an exchange filing on Wednesday. 

 

 

Mangalam Global Enterprise Ltd (MGEL) last split its shares on August 18, 2022, changing the face value from Rs 10 to Rs 2. After the split, shareholders received five shares for each share they held. 

 

MGEL is an India-based company engaged in the manufacturing and trading of agricultural products and oils, both edible and non-edible. Its product range includes refined soybean oil, refined vegetable oil, pungent mustard oil, as well as agricultural products like soya oil, soya meal, mustard oil, mustard meal, and cotton bales. 

 

MGEL also deals in commodities such as wheat and rice. The company markets its products across India and internationally, including in countries like Thailand and Oman.

 

The company has a total market capitalisation of Rs 541.62 crore. At 10:55 AM, the stock price of the company was trading 12.03 per cent higher at Rs 32.59 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.58 per cent to 77,694.54 level.