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MMTC shares gain as Q1 net loss narrows

MMTC surged over 7 per cent after the company's net loss narrowed to Rs 7.01 crore for the first quarter ended June 30, 2016 as compared to a net loss of Rs 30.55 crore for the same quarter in the previous year.

By: | Updated: September 15, 2016 4:34 PM
MMTC surges over 7 per cent as Q1 net loss narrows MMTC surged over 7 per cent after the company’s net loss narrowed to Rs 7.01 crore for the first quarter ended June 30, 2016 as compared to a net loss of Rs 30.55 crore for the same quarter in the previous year. (Photo: PTI)

MMTC surged over 7 per cent intraday on Thursday after the company’s net loss narrowed to Rs 7.01 crore for the first quarter ended June 30, 2016 as compared to a net loss of Rs 30.55 crore for the same quarter in the previous year. Net sales of the company increased by 36.65 per cent year-on-year to Rs 2780.70 crore for the quarter under review against Rs 2034.87 crore in the corresponding quarter a year ago.

At 12.27 pm, MMTC share price was trading 2.86 per cent up at Rs 46.70. The scrip opened at Rs 47.05 and touched a high and low of Rs 48.80 and Rs 46.65, respectively. Later, stocks of the company settled the day 3.63 per cent up at Rs 47.05

Operating loss of the company also narrowed down to Rs 1.80 crore for the quarter under review against operating loss of Rs 13.36 crore in the same quarter last year. Total expenditure of the company increased by 35.09 per cent year-on-year to Rs 2808.52 crore.

In the past one year, shares of MMTC jumped by 9.79 per cent to Rs 45.40 till September 14, whereas BSE Sensex advanced 9.72 per cent during the same period.

MMTC is major global player in the minerals trade and is the single largest exporter of minerals from India. With its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.

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