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Last Updated : Nov 07, 2019 12:37 PM IST | Source: Moneycontrol.com

MSTC share price surges 20% on MoU with Burn Standard

L&T has appointed the company as the selling agent for sale of scrap articles.

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Shares of MSTC touched its 52-week high of Rs 147.80, adding 20 percent intraday on November 7 after the company signed MoU with Burn Standard for e-auction services.

The company has entered into a Memorandum of Understanding (MoU) with Burn Standard Co Limited for e-Auction services for the sale of movable assets and immovable assets, as per BSE release.

The agreement shall remain valid up to March 31, 2021, until it is terminated by either party by giving three months notice, it added.

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On November 6, Larsen and Toubro has appointed the company as the selling agent as per the terms of selling agency agreement entered by both the parties on October 29, 2019 for the sale of scrap and rejected/condemned/obsolete secondary arising (ferrous and non-ferrous) as well as surplus obsolete stores, equipments and misc. articles etc. for buildings and factories IC of L&T in India through MSTC’s e-Auction website.

The contract will remain valid until its termination by giving advance notice of 1 month.

At 1219 hrs, MSTC was quoting at Rs 143.05, up Rs 19.85, or 16.11 percent on the BSE.

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First Published on Nov 7, 2019 12:37 pm
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