MMTC gains 8% on import order from Coal India, AP Power

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Moneycontrol Bureau

Investors bought more shares of MMTC on Tuesday after the company received orders for import of steam coal from Coal India and Andhra Pradesh Power Development Company. The stock rallied 7.8 percent intraday.

The state-run metals and minerals trading company got the order to supply 2.35 million tonnes of imported steam coal during FY16.

"The company orders for import of steam coal from Coal India and Andhra Pradesh Power Development Company Limited for approximately 0.75 million metric tonnes (out of 5 million metric tonnes that CIL have initially tendered) and 1.6 million metric tonnes, respectively for supply during the FY 2015-16," said MMTC in its filing to the exchange.

At 14:51 hours IST, the scrip of MMTC was quoting at Rs 53.40, up Rs 3.30, or 6.59 percent amid high volumes on the BSE.

Posted by Sunil Shankar Matkar