Earlier, the company said in a regulatory filing that the company is considering the corporate action as part of its ongoing commitment to shareholder value creation.
Mumbai: Shares of pharma company Murae Organisor have been hitting back-to-back circuits for the last couple of days. The counter is in action even today, as the company has informed exchanges that its board has approved a major expansion plan involving land acquisition and investment of up to Rs 250 million. As part of this investment, the company will explore the acquisition of agricultural land located in Kutch, Gujarat. However, the approval is subject to satisfactory due diligence, receipt of necessary regulatory approvals and other statutory clearances.
“The acquired land, upon successful completion of due diligence and all requisite approvals, is proposed to be utilised primarily for cultivating high-quality pomegranates, taking advantage of the region’s favourable agro-climatic conditions. Additionally, the company plans to establish a distillery facility on this site, enhancing operational efficiency and enabling entry into value-added segments, thus potentially diversifying and strengthening the Company’s revenue streams,” the company said in an exchange filing.
Meanwhile, the stock hit an upper circuit of Rs 1.35 on the BSE. The counter started the session in green at Rs 1.34 and gained further to touch the high of Rs 1.35.
Earlier, the company said in a regulatory filing that the company is considering the corporate action as part of its ongoing commitment to shareholder value creation.
Meanwhile, the stock market benchmark indices Sensex and Nifty rebounded sharply today and surged over 3 per cent amid a ceasefire between India and Pakistan. After starting the trade in the green, the 30-share BSE benchmark gauge Sensex further jumped 2,376.18 points or 2.99 per cent to 81,830.65 in morning trade. The NSE Nifty surged 729.8 points or 3 per cent to 24,737.80.
As a result, Investors’ wealth jumped by Rs 13.13 lakh crore to Rs 4,29,54,415.37 crore (USD 5.02 trillion) during the morning deals.
India launched Operation Sindoor on May 7 to avenge the Pahalgam terror attack in which 26 people lost their lives. Under the attack, the Indian Armed Forces targeted terrorist establishments in Pakistan and Pakistan-Occupied-Kashmir (PoK).
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
