A smallcap stock is in focus after shareholders approve a disinvestment proposal along with change in the name of the company. The company under discussion
is a manufacturer of craft paper, catering to various industries. During Tuesday's trade, the stock -- Banganga Paper Industries surged 1 per cent to make a high of Rs 47.22 in early morning trade. Around 10:30 AM, the BSE listed counter quoted flat at Rs 46.97. In an exchange filing, the firm said that shareholders at an extra ordinary general meeting held last week, have approved a special resolution for the disinvestment of its "entire investment in material subsidiary". Additionally, he members also approved a proposal to change the name of the company to Asgard Alcobev Ltd, it said. Going by BSE data, the counter has corrected 44 per cent in the last one year. In two years, the stock has more than doubled investors money as it has sprinted 221 per cent. Meanwhile, stock market benchmark indices Sensex and Nifty declined in early trade on Tuesday as relentless foreign fund outflows and geopolitical tensions weighed on investors' sentiment. The 30-share BSE Sensex declined 311.33 points to 82,934.85 in early trade. The 50-share NSE Nifty dropped 99.5 points to 25,486. (Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
