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Shares of Mangalam Industrial Finance a debt free penny stock witnessed a strong surge on Tuesday December 23 hitting a five percent upper circuit on the stock exchange The stock price climbed to 97 paise from its previous closing of 93 paise marking the second consecutive session of gains for the Kolkata based Non Banking Financial Company Despite facing significant selling pressure over the past year with a decline of approximately 68 percent the recent momentum indicates renewed investor interest The company recently concluded a rights issue that was open from October 27 to November 14 aiming to raise over 48 crore rupees to strengthen its financial position Established in 1983 Mangalam Industrial Finance is engaged in providing financial services for land equipment and buildings and is noted for being almost debt free Market data shows that promoters currently hold about 44 percent stake in the company while public shareholding has risen to 56 percent signaling a shift in the ownership pattern The stocks 52 week high stands at 3 rupees 30 paise while the low is 80 paise suggesting it is currently trading near its lower levels but showing signs of recovery
Read More: Debt Free Penny Stock Mangalam Industrial Finance Hits Upper Circuit Priced Under One Rupee
