MMTC soars 2.2%; sells 10% stake in ICEX

MMTC has divested its 10% equity stake in its JV Company i.e. Indian Commodity Exchange Ltd. amounting to Rs. 10 crores face value at a sum of Rs. 20 crores to the two bidders who participated in the Global Tender Process floated by the Company earlier.

MMTC soared 2.2% to Rs.39.75 on BSE. MMTC has divested its 10% equity stake in its JV Company i.e. Indian Commodity Exchange Ltd. amounting to Rs. 10 crores face value at a sum of Rs. 20 crores to the two bidders who participated in the Global Tender Process floated by the Company earlier. The necessary transfer of shares to the bidders took place on January 19, 2016. The Company has a stake of 16% in ICEX as on date.

The scrip opened at Rs. 39.25 and has touched a high and low of Rs. 40.4 and Rs. 39.1 respectively. So far 252887(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3890 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 63 on 19-Feb-2015 and a 52 week low of Rs. 38 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 44 and Rs. 38.05 respectively.

The promoters holding in the company stood at 89.93 % while Institutions and Non-Institutions held 6.08 % and 4 % respectively.

The stock is currently trading above its 200 DMA.