MMTC to gain as board approves 1-for-2 bonus share issue
MMTC to gain as board approves 1-for-2 bonus share issue
Shares of MMTC are likely to rise today as co.'s has approved issue of one bonus equity share for every two held in co., it is seen sentimentally positive & improves liquidity in the stock. On Monday, shares of MMTC ended 1.6% lower at Rs66.15. The scrip opened at Rs68.30 and touched a high and low of Rs69.35 and Rs63.75 respectively. A total of 1,05,73,952 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.
Shares of MMTC are likely to rise today as the company's board has approved the issue of one bonus equity share for every two held in the company.
While a bonus share issue does not change fundamentals of a company, it is seen sentimentally positive and improves liquidity in the stock.
On Monday, shares of MMTC ended 1.6% lower at Rs66.15. The scrip opened at Rs68.30 and touched a high and low of Rs69.35 and Rs63.75 respectively. A total of 1,05,73,952 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.
MMTC is the largest trading company in India and has a strong presence in metals, minerals and precious metals. The company has also set up an iron and steel plant under the name Neelachal Ispat Nigam Limited (NINL). This plant has a capacity of 1.1mn tonnes, with a 0.8mn tonne coke oven and a captive power generation plant. This plant is being jointly developed with the government of Odisha, among others. Phase-II of capacity expansion has now begun at NINL. The plant has also begun production of steel billets on a trial basis.
BSE 63.95 [2.20] ([3.33]%)
NSE 64.05 [2.10] ([3.17]%)
Ref. : https://www.indiainfoline.com/article/news-top-story/mmtc-likely-to-gain-as-board-approves-1-for-2-bonus-share-issue-118032000007_1.html --- Dated: Mar'20,2018.
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