20 Sep 2024

Manorama Industries Rises on Establishment of Wholly Owned Subsidiary in Togo

Manorama Industries saw its stock price increase to Rs. 776.65, a gain of 10.80 points or 1.41% from its previous close of Rs. 765.85 on the BSE.

The stock opened at Rs. 788.35, hitting a high and low of Rs. 788.35 and Rs. 755.35, respectively. A total of 2330 shares have been traded so far.

This BSE 'B' group stock, with a face value of Rs. 2, previously reached a 52-week high of Rs. 926.95 on August 22, 2024, and a 52-week low of Rs. 289.40 on March 13, 2024. Over the past week, the stock's high was Rs. 837.70 and its low was Rs. 752.20. The company's current market capitalization stands at Rs. 4628.76 crore.

Promoters hold 57.26% of the company's shares, while institutional and non-institutional investors account for 3.90% and 38.84%, respectively.

On September 18, 2024, Manorama Industries established a Wholly Owned Subsidiary (WOS) called ‘Manorama Savanna Togo Sarl’ in Togo. The main goal of this new subsidiary is to expand the company’s business operations.

Manorama Industries specializes in producing Sal and Mango-based specialty fats, which are key ingredients in manufacturing Cocoa Butter Equivalent (CBE), used widely in the chocolate, cosmetic, and healthcare industries.