Mangalam Timber Products zooms 90% in four days

The stock hit a 52-week high of Rs 33.70 on BSE, rallied 90% in past four trading sessions from Rs 17.75 on May 11, 2016.

Mangalam Timber Products is locked in upper circuit for the fourth straight trading sessions, up 10% at Rs 33.70, also its 52-week high on the BSE. In past four trading sessions, the stock has zoomed 90% from Rs 17.75 on May 11, 2016.

Till 11:04 am, a combined 252,349 equity shares changed hands and there were pending buy orders for 95,521 shares on the BSE and NSE.

The exchange has sought clarification from Mangalam Timber Products on May 17, 2016 with reference to increase in price. The reply is awaited, the BSE said in a statement.

Earlier, between January 19 and 25, the stock had rallied 62% from Rs 15.30 to Rs 24.80, after Century Textiles and Industries, one of the promoter group company bought shares through open market.

Century Textiles and Industries had purchased 305,000 equity shares representing 1.66% of total equity of the company though open market on BSE and National Stock Exchange, Managlam Timber Products said in a regulatory filing.

A Birla group company in a joint venture with the Government of Orissa, Mangalam Timber Products (MTPL), is the pioneer in the manufacture of medium density fibre boards.