The agreement shall remain valid till either party terminates it by giving advance written notice of three months to the other party for reasons to be furnished.
Uttar Pradesh Financial Corporation (UPFC) has engaged MSTC as selling agents for selling assets owned by UPFC as well as the stressed assets of its finance assisted units, which have now become defaulting industrial concerns.MSTC will sell the assets through e-tender-cum-e-auction on MSTC's website. The agreement shall remain valid till either party terminates it by giving advance written notice of three months to the other party for reasons to be furnished.
Recently, the media reported that the Union Cabinet will soon take a call on shutting down Scooter India. Subsequently, MSTC, will be tasked with the responsibility to sell the assets of Scooters India as well.
MSTC undertakes marketing of ferrous and miscellaneous scrap arising from integrated steel plants, engineering companies, refineries, power plants, coal and transport sector, defence and other government departments / private sector organisations in the domestic market.
On a consolidated basis, the company's net profit declined 1.9% to Rs 28.76 crore on a 21.6% fall in net sales to Rs 209.45 crore in Q2 September 2020 over Q2 September 2019.
Shares of MSTC jumped 16.7% to Rs 257.15 on Friday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU