Mangalam Timber zooms over 60% in four days post Century Textiles stake buy

The stock is currently trading at Rs 24.95, also its 52-week high and zoomed 63% from Rs 15.30 on January 19.

Shares of Mangalam Timber Products was locked in upper circuit of 20% at Rs 24.95, extending its past three days rally on the BSE, after Century Textiles and Industries, the promoter of the company acquired nearly 2% stake in the company via open market.

The stock is currently trading at its 52-week high and zoomed 63% from Rs 15.30 on January 19. The trading volumes on the counter jump multiple folds with a combined 333,706 shares changed hands and there were pending buy orders for 66,654 shares on the BSE and NSE at 11 a.m.

On January 20, Century Textiles and Industries bought 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.

Post acquisition, Century Textiles and Industries holding in Managlam Timber Products increased to 18.87% from 17.21% earlier, it added.

Earlier on January 15, Century Textiles and Industries had purchased 391,500 or 2.14% stake in Managlam Timber Products via open market, data shows.

Ladha Finance Limited (391,500 shares) and J R Laddha Financial Services Pvt Ltd (305,000) had sold their entire holding in the company through open market.