Shares of Banganga Paper Industries, a small-cap stock trading below ₹50, displayed a volatile performance during Tuesday's trading session. The stock moved against weak overall market sentiments in the morning.
Tuesday's Trading Action
The stock opened in positive territory, gaining nearly 1% in early trade. It reached an intraday high of ₹47.39 per share. However, this upward momentum proved short-lived. As selling pressure intensified across the broader market, the stock reversed course. It pared all its early gains and eventually slipped 1.51% to close at ₹46.25. Market analysts noted that no fresh fundamental news drove this specific volatility on the day.
Major Corporate Overhaul Approved
In a significant development, shareholders approved a series of major changes at an Extraordinary General Meeting held on January 14. The company filed details of these approvals with the stock exchanges on January 16.
Key Shareholder Approvals
The approved resolutions mark a fundamental transformation for the company:
- Increased Authorised Capital: Shareholders approved raising the company's authorised share capital from ₹12 crore to ₹36 crore. This capital is divided into 36 crore equity shares of Re. 1 each.
- Relocation of Registered Office: Subject to necessary government approvals, the company will shift its registered office from Nashik, Maharashtra, to Shillong, Meghalaya. This move places it under the jurisdiction of the Registrar of Companies for the North Eastern Region.
- Complete Rebranding: The company's name will change from "Banganga Paper Industries Limited" to "Asgard Alcobev Limited". The memorandum of association will be amended to reflect this new name.
- New Business Focus: The object clause of the company has been amended. The new focus will be on the alcoholic and non-alcoholic beverage industry. This includes manufacturing, distilling, brewing, bottling, blending, trading, and importing/exporting related products.
- New Auditor Appointed: Shareholders approved the appointment of Batliboi & Purohit as the company's new auditor.
Share Price Performance Trends
The stock has faced considerable pressure in the recent past. It has fallen approximately 8% over the last five trading sessions and declined about 16% in the past month.
Looking at a longer timeframe paints a mixed picture. Over the last six months, the share price has dropped by 40%. It is down 46% over the past year. Despite these recent declines, the stock has delivered massive returns for long-term investors. Over a five-year horizon, it has soared by an impressive 449%, making it a multibagger in that period.
Banganga Paper Industries shares are listed exclusively on the Bombay Stock Exchange (BSE). The stock's 52-week high stands at ₹90.27, reached on March 28, 2025. Its 52-week low is ₹38, recorded on November 6, 2025.
Disclaimer: This information is for educational purposes only. Readers are advised to consult with a qualified investment advisor before making any financial decisions.
