Moneycontrol Bureau
Textile company Mandhana Industries shares rallied 18 percent intraday Wednesday (on top of 20 percent rally in previous session) on the back of listing of its retail business - Mandhana Retail that sells products under the brand Being Human.
The company has global licensing arrangement with Being Human – The Salman Khan Foundation, to manufacture and distribute textile products and the royalties from the clothing line support education and healthcare initiatives of the foundation.
The Mandhana Retail Ventures started off day at Rs 213.40 on the National Stock Exchange and immediately locked at 5 percent upper circuit at Rs 224.05 compared with opening price.Comparison with its previous close of Rs 121.95 mentioned on the exchange, the stock surged 75 percent.
Currently the stock is available for trading in series BE and subsequently be shifted to series EQ.
Mandhana Industries had demerged its retail and trading business of the brand Being Human to The Mandhana Retail Ventures that issued two equity shares for every three shares held by shareholders of Mandhana Industries. The board of directors had approved this demerger on September 22, 2014.
At 11:15 hours IST, the share price of Mandhana Industries was quoting at Rs 33.95, up 10.59 percent on the NSE.
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