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MMTC surges as JV inks mining lease agreement for iron ore

MMTC is currently trading at Rs. 73.35, up by 4.00 points or 5.77% from its previous closing of Rs. 69.35 on the BSE.

The scrip opened at Rs. 69.50 and has touched a high and low of Rs. 73.85 and Rs. 68.65 respectively. So far 25,51,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 73.85 on 12-Jan-2017 and a 52 week low of Rs. 29.95 on 24-Feb-2016.

Last one week high and low of the scrip stood at Rs. 73.85 and Rs. 62.05 respectively. The current market cap of the company is Rs. 7,325.00 crore.

The promoters holding in the company stood at 89.93%, while Institutions and Non-Institutions held 6.07% and 4.01% respectively.

Neelanchal Ispat Nigam (NINL), Joint Venture Company promoted jointly by MMTC and Government of Orissa has signed a mining lease agreement on January 11, 2017 for Iron Ore, the basic raw material for operation of NINL.

MMTC is major global player in the minerals trade and is the single largest exporter of minerals from India. With its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.

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