Salman Khan-backed Mandhana Industries outperforms weak market

Mumbai: Mandhana Industries parent of Mandhana Retail — promoter of Salman Khan’s Being Human brand — outperformed weak market on debut on bourses of its retail arm on Wednesday.

"Shares of The Mandhana Retail Ventures Ltd are listed and admitted to dealings on the exchange in the list of 'T' Group Securities," the Bombay Stock Exchange stated.

Shares of the Mandhana Industries rose as high as 18 per cent to reach an intraday high of Rs 36.30, NDTV reported. On listing, Mandhana Retail Ventures shares were locked in upper circuit of 5 per cent at Rs 226.80.

Including Wednesday’s surge, on Thursday the company surged further 20 per cent to its maximum intraday limit of Rs 41.55 to reach as much as 62 per cent high in its three trading sessions.

On Thursday, the markets continued their weak sentiments for second session in a row with the benchmark 30-share BSE Sensex falling 141 points to 26,462.18 in early morning trade.

In 2014, Mandhana Industries demerged its retail business to Mandhana Retail Ventures Ltd and granted two equity shares for every three shares held by shareholders of Mandhana Industries.

According to CNBC-TV18, MRVL has about 700 point-of-sales and 60 exclusive stores of Being Human worldwide. The company’s debt stands at Rs 7.12 crore.