Salman Khan-linked Mandhana Retail Ventures stock shines on debut, locked at 5% upper circuit in weak markets

Shares of The Mandhana Retail Ventures was locked at the upper limit of circuit breaker on debut Wednesday, shrugging off the weak broad market sentiment. The Mandhana Retail Ventures scrip, the demerged entity of the Mumbai-based listed Mandhana Industries, ended 5 percent higher at Rs 226.80 a share on BSE. Nearly 7 lakh shares changed hands on BSE today. On the NSE too, the stock was locked at upper circuit of 5 percent to end at at Rs 224.05 apiece. [caption id=“attachment_2771550” align=“alignleft” width=“380”]  Reuters[/caption] Shares of Mandhana Industries notched up robust gains in an otherwise lacklustre trade, as strong buying resulted in the stock zooming nearly 13 percent to end at Rs 34.65 a share on BSE. Intra-day, the stock vaulted 18 percent to touch the day’s high of Rs 36.25 before trimming some gains at close. The sharp rally in textiles company Mandhana Industries assumes significance given its association with the Bollywood actor Salman Khan foundation. The company forayed into retail business after it received the licence from the Salman Khan foundation for his Being Human brand. In a release issued to the bourses, the company said, trading Members of the exchange are hereby informed that effective 14 December, 2016, the equity shares of The Mandhana Retail Ventures Ltd are listed and admitted to dealings on the Exchange in the list of ‘T’ Group Securities.