MMTC climbs 10% on merger reports
ETMarkets.com|
Updated: Nov 07, 2017, 04.19 PM IST
Shares of MMTC advanced as much as 10 per cent and hit its fresh 52-week high of Rs 101.60 on Tuesday trade after reports that the government is going ahead with the merger of its two trading firms MMTC and STC.
State Trading Corporation (STC), Project & Equipment Corporation of India (PEC) and Metals & Minerals Trading Corporation of India (MMTC) are under the administrative control of Commerce Ministry. MMTC and STC were incorporated in 1963 and 1956, respectively. PEC Ltd was carved out of the STC in 1971-72.
According to the report, the government would bear the expenses for VRS (voluntary retirement scheme) to be offered to about 600-700 employees of the STC.
The scrip gained 10.18 per cent to end at Rs 95.75 on BSE. Shares of the company opened at Rs 98.80 and touched a high and low of Rs 101.60 and Rs 94, respectively.
On the BSE, 57.09 lakh shares were traded on the counter as against average daily volumes of 16.36 lakh shares in the past two weeks.
State Trading Corporation (STC), Project & Equipment Corporation of India (PEC) and Metals & Minerals Trading Corporation of India (MMTC) are under the administrative control of Commerce Ministry. MMTC and STC were incorporated in 1963 and 1956, respectively. PEC Ltd was carved out of the STC in 1971-72.
According to the report, the government would bear the expenses for VRS (voluntary retirement scheme) to be offered to about 600-700 employees of the STC.
The scrip gained 10.18 per cent to end at Rs 95.75 on BSE. Shares of the company opened at Rs 98.80 and touched a high and low of Rs 101.60 and Rs 94, respectively.
On the BSE, 57.09 lakh shares were traded on the counter as against average daily volumes of 16.36 lakh shares in the past two weeks.
