Shares of the state-owned Delhi-headquartered MMTC (Metals and Minerals Trading Corporation of India) and another state-run STC (State Trading Corporation of India) advanced up to 10% in the afternoon dealings on Tuesday.
Shares of the state-owned Delhi-headquartered MMTC (Metals and Minerals Trading Corporation of India) and another state-run STC (State Trading Corporation of India) advanced up to 10% in the afternoon dealings on Tuesday. Earlier last week, Commerce and Industry Minister Suresh Prabhu said that the merger of MMTC and STC is under process. “That is something which is already on cards because STC, unfortunately, has become a sick company. Therefore, there are some measures which are being taken already and this matter is under process,” PTI reported citing Suresh Prabhu.
Shares of Metals and Minerals Trading Corporation of India Ltd rose 9.92% to a day’s high of Rs 62.6 while the stock of The State Trading Corporation of India Ltd jumped 5% to day’s high of Rs 147.05 on BSE. Unusual trading volumes were seen in the shares of MMTC LTD and STC Ltd. At around 1 pm on Tuesday, a sudden surge was observed in the trading counters showing a quick spike on the stock exchanges. As at 1:45 pm, more than 49.8 lakh shares of MMTC Ltd exchanges hands on both NSE and BSE with about 39.6 lakh shares on NSE alone.
Shares of STC Ltd got locked in the upper circuit following the 5% gain on BSE but were still trading on NSE. More than 1.65 lakh shares of STC were traded on both NSE and BSE.
Earlier in March 20018, shares of MMTC Ltd skyrocketed 20% on the buzz of bonus share issuance. “In compliance with the guidelines/directives of Department of Public Asset and Investment Management, Govt of India, the Board of Directors of MMTC Ltd shall consider and approve the proposal for issue of Bonus Shares subject to consent of the President of India vide Article 46 of the AOA of the company, in its meeting to be held on 19th March 2018,” MMTC Ltd said in a regulatory filing.