Zen Technologies rallied in the early morning session and locked at 5 per cent upper circuit at Rs.48.85 on the BSE on board's approval to establish a 100 per cent wholly owned subsidiary.
The company has informed the BSE that the board of Zen Technologies at its meeting held on January 5, has considered and approved to establish subsidiary in United Arab Emirates (UAE) to tap the global market for the products of the Company.
The stock remains locked at Rs 48.85. The counter has seen trades of around 594,000 shares as against the two-week daily average volume of around 44,000 shares.
There are pending buy order for over 83,200 shares in the queue on the BSE. Meanwhile, the BSE Sensex has slumped 543 points at 27,299.
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