Shareholders met to consider a proposal for merger of its wholly-owned subsidiary Titagarh Marines Ltd., along with two of its subsidiaries - Corporate Shipyard Pvt Ltd and Times Marine Enterprise Ltd - with Titagarh Wagons.
Shareholders met to consider a proposal for merger of its wholly-owned subsidiary Titagarh Marines Ltd., along with two of its subsidiaries - Corporate Shipyard Pvt Ltd and Times Marine Enterprise Ltd - with Titagarh Wagons.
However, the formal approval for the Scheme of Amalgamation before the Calcutta High Court will take some time, according to the financial newspaper.
The merger would mark Titagarh Wagon’s entry into ship building and would also include manufacturing of barges for the Indian Navy, according to the daily.
Titagarh Wagons Ltd ended at Rs. 127.85, up by Rs. 11.4 or 9.79% from its previous closing of Rs. 116.45 on the BSE.
The scrip opened at Rs. 120 and touched a high and low of Rs. 129.9 and Rs. 120 respectively. A total of 2294686(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1475.19 crore.
The BSE group 'B' stock of face value Rs. 2 touched a 52 week high of Rs. 174.6 on 10-Mar-2015 and a 52 week low of Rs. 86 on 03-Jun-2015. Last one week high and low of the scrip stood at Rs. 141.4 and Rs. 108 respectively.
The promoters holding in the company stood at 46.11 % while Institutions and Non-Institutions held 29.38 % and 24.5 % respectively.
The stock traded above its 50 DMA.
No comments:
Post a Comment