Stock market today: Small-cap agri stock under ₹50 jumps 6% on this fundamental update

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Stock market today: Shares of Mangalam Global Enterprise Ltd, a small-cap stock priced under ₹50 per share, are showing promising signs. Today, the stock opened with an upside gap at ₹20.58 per share and touched an intraday high of ₹21.90 within a few hours of the stock market's opening bell.

This positive trend is in line with the company's recent financial performance, which saw the small-cap agri stock logging an intraday high of over 6 percent during Tuesday deals.In a press statement shared by the company, it was announced that Mangalam Global Enterprise Ltd has entered into an agreement on June 18, 2024, to purchase plant, machinery and buildings from Shree Gurukrupa Oil and Foods and lands admeasuring 19,833 square yards at Jotana, Mehasana, Gujarat. This strategic acquisition of new assets, including an Edible Oil Refinery & Packing Unit with a capacity of approx.

200 metric tons per day, and an Oil Seed crushing plant with a capacity of 20 metric tons per day, is expected to significantly enhance the company's production capabilities and potentially boost its financial performance in the near future.After last week's Union Cabinet meeting, agriculture stocks are surging, which approved the Minimum Support Price (MSP) for the Kharif crops. The GoI increased the MSP on various Kharif crops in this cabinet meeting.

However, the small-cap company said a 5-6 percent annual rise in MSP is a typical trend in India. They noted that the MSP increase is higher for pulses and oil seeds, which may help the company's financials soon.The small-cap stock is available for trade on the NSE only.

Its current market cap is ₹279 crore, and its trade volume on the NSE is around 7.15 lakh. Its 52-week high is ₹26.06, whereas its