Moneycontrol
Jan 12, 2017 11:21 AM IST IST | Source: Moneycontrol.com

MMTC shares jump 6% after JV firm signs mining lease agreement

Shares of MMTC hit fresh 52-week high of Rs 73.85, up 6.5 percent intraday Thursday after its joint venture company signed mining lease agreement.


Moneycontrol Bureau


Shares of MMTC hit fresh 52-week high of Rs 73.85, up 6.5 percent intraday Thursday after its joint venture company signed mining lease agreement.


"Neelachal Ispat Nigam has signed a mining lease agreement, on January 11, for iron ore, which is its basic raw material for operation," the state-run largest foreign trading company.


Neelachal Ispat Nigam is a joint venture company promoted MMTC and Orissa Government.


During six months period ended September 2016, the company had reported profit of Rs 3.44 crore and Rs 4,188.16 crore, down 75.6 percent and 39.6 percent compared with year-ago period, respectively.

At 11:05 hours IST, the stock was quoting at Rs 73.15, up Rs 3.80, or 5.48 percent on the BSE.

Posted by Sunil Shankar Matkar

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