Here's why Mangalam Global Enterprise gained 3% on November 21; details

The Mangalam Global Enterprise said it has purchased the Assets viz. land, plant & machinery and building with the following installed capacity at cost of Rs 10.87 crore

Mangalam Global Enterprise share price: Shares of Mangalam Global Enterprise Limited (MGEL) soared up to 2.82 per cent to hit an intraday high of Rs 23.28 per share on Thursday, November 21, 2024. 

 

The rise in Mangalam Global Enterprise share came after the company announced that it has completed the procedures on November 18, 2024 for purchasing plant & machinery and buildings from Shree Gurukrupa Oil and Foods (“Partnership Firm") and lands admeasuring 19,833 square yards bearing Survey Nos. 186, 188 & 189 (collectively known as “Assets”) from the individual land owners at Taluka: Jotana, Mehasana, Gujarat.  

 

In an exchange filing, Mangalam Global Enterprise, said, “We would like to inform you that Mangalam Global Enterprise Limited (“MGEL/the Company”) has completed the procedures on November 18, 2024 for purchasing Plant & Machinery and Buildings from Shree Gurukrupa Oil and Foods (“Partnership Firm") and lands admeasuring 19,833 square yards bearing Survey Nos. 186, 188 & 189 (collectively known as “Assets”) from the individual land owners at Taluka: Jotana, Mehasana, Gujarat.”  

 

The company has purchased the Assets viz. land, plant & machinery and building with the following installed capacity at cost of Rs 10.87 crore, Mangalam Global Enterprise said in a statement.

 

The assets include edible oil refinery & packing unit with capacity of approximately 200 metric tonne per day and Oil Seed crushing plant with a capacity of 20 metric tonne per day. 

 

Mangalam Global Enterprise also said that by adding the above capacity, overall performance of the company will increase.  

 

Mangalam Global Enterprise Limited (MGEL), incorporated in 2010, is a prominent player in the manufacturing and trading of a wide range of edible and non-edible oils, seeds, and their derivatives. Based in Ahmedabad, MGEL is part of the Mangalam Group, which has diversified its business across various sectors, including agricultural products and services. 

 

The company specialises in refining castor oil, producing castor de-oiled cake, high-protein castor de-oiled cake, cotton bales, seeds, cotton cakes, cattle feed, and other agricultural commodities such as mustard and soy products. MGEL is also involved in the processing of wheat and rice, catering to both domestic and international markets.

 

In addition to its core operations, MGEL has expanded into the B2C market with the launch of its brand “LAGNAM” for domestic consumers. The company also provides liaisoning and clearing services and engages in lease rental operations. MGEL serves a wide array of clients, including major names like ITC, Adani Wilmar, Cargill, Godrej Agrovet, and Suguna Foods, showcasing its extensive reach and reliability in the global agricultural and oil industry.

 

The market capitalisation of Mangalam Global Enterprise is Rs 379.32 crore, according to BSE. 

 

At 11:01 AM, Mangalam Global Enterprise shares were trading 1.68 per cent higher at Rs 23.02 per share. In comparison, BSE Sensex was trading 0.70 per cent lower at 77,036.39 levels.