Manaksia soars on restructuring plans
The board of directors of the company will meet today to consider restructuring plans of the company.
Manaksia has soared 10% to Rs 50.30 on the NSE, ahead of the board of directors meeting today to consider restructuring plans of the company.
The stock opened at Rs 47 and hit a high of Rs 51.30. A combined 311,847 shares have already changed hands so far compared to sub 20,000 shares that were traded daily in past ten trading days on both the exchanges.
Manaksia’s business consists of packaging products and value added metal products: both aluminium and steel. The metal products business accounted 81% of total revenues of the company in FY12.
The company, through subsidiary companies manufactures value added products and operates a paper mill in Nigeria, manufactures steel roofing sheets in Ghana. The company also has a steel long product manufacturing facility at Georgia. It is an outsourced manufacturer of mosquito repellant coils.