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Stock Report
Ashapura Minechem Dubai subsidiary to setup another company
Posted On : 2007-05-21 01:50:28( TIMEZONE : IST )
Ashapura Minechem Ltd has announced that the Company's Wholly Owned Subsidiary (WoS) 'Ashapura Minechem (UAE) FZE' in Dubai, at its Board Meeting held on April 09, 2007, has considered and approved the setting up of a Wholly Owned Subsidiary in UAE under the name of - 'Ashapura Holdings (UAE) FZE' or any other name as may be approved by the concerned Authorities of UAE.
The said WoS is empowered to enter into joint ventures or set up WoS. The proposed Company(ies) will be step down subsidiary(ies) of the Company. However, no funds for the same will flow from the Company.
The stock was trading at Rs.228.50, up by Rs.0.35 or 0.15%. The stock hit an intraday high of Rs.230 and low of Rs.225.85. The total traded quantity was 2985 compared to 2 week average of 7929.
