Commercial trading and distribution company, MMTC
has announced that Neelachal Ispat Nigam Limited (NINL), the joint
venture between MMTC and the government of Odisha, has signed a mining
lease agreement for iron ore.
Iron ore acts as a basic raw material for NINL in its operations. MMTC
basically deals in Precious Metals, Metals, Minerals, Coal &
Hydrocarbon, Agro Products, Fertilisers and General Trade.
The stock of MMTC is trading higher with 5.5% gains at Rs 73.3, and
thereby has hit its new 52 week high. The stock has broken out of the
consolidation prevailing for last two trading sessions. It may see some
more optimism, if its closes above 71.9 levels.
However, MMTC has posted poor results in Q2FY17, wherein its revenues
dropped by 49.5%. Net profits for Q2FY17 stood at Rs 10.45 crore as
against a net loss of Rs 7.01 crore in previous quarter, majorly driven
by 65% rise in other income. Hence, Q3 results will decide the future
course that the stock will take.
Stock view:-
MMTC Ltd is currently trading at Rs 72.7, up by Rs 3.35 or 4.83% from its previous closing of Rs 69.35 on the BSE.
The scrip opened at Rs 69.5 and has touched a high and low of Rs 73.85 and Rs 68.65 respectively. So far 11107430(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6935 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high
of Rs 71.6 on 09-Jan-2017 and a 52 week low of Rs 29.95 on 24-Feb-2016.
Last one week high and low of the scrip stood at Rs 71.6 and Rs 61.65
respectively.
The promoters holding in the company stood at 89.93 % while
Institutions and Non-Institutions held 6.07 % and 4.01 % respectively.
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