The company announced the increase in promoter stake after market hours on Tuesday, 24 March 2009.
Meanwhile, the BSE Sensex was up 126.86 points, or 1.34%, to 9,597.90.
On BSE, 55,551 shares were traded in the counter. The stock had an average daily volume of 3,184 shares in the past one quarter.
The stock hit a high of Rs 14.89 and a low of Rs 13.28 so far during the day. The stock hit a 52-week high of Rs 26 on 22 April 2008 and a 52-week low of Rs 9.70 on 27 October 2008.
The small-cap stock had underperformed the market over the past one month till 24 March 2009, falling 8.07% as compared to the Sensex's 7.36% rise. It had also underperformed the market in the past one quarter, declining 22.68% as compared to the Sensex's 1.02% fall.
The company's current equity is Rs 18.33 crore. Face value per share is Rs 10.
The current price of Rs 14.89 discounts the company's Q3 December 2008 annualized EPS of Rs 0.92, by a PE multiple of 16.18.
Padmavati Investment, a promoter group company, hiked its stake to 5.20% from 5.13% in the firm by acquiring 12,472 shares from open market on 17 March 2009. Increase in stake by promoters in a company helps bolster investor confidence.
The total promoter shareholding in the company stood at 31.10% as on 31 December 2008.
Mangalam Timber Products' net profit fell 50% to Rs 0.42 crore on 13.2% increase in net sales to Rs 14.37 crore in Q3 December 2008 over Q3 December 2007.
The company is engaged in manufacture of plain and pre-laminated medium density fibre. The company operates in three segments: medium density fibre, formaldehyde and others. It operates in India only.