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MMTC Ltd.

BSE: 513377 Sector: Others
NSE: MMTC ISIN Code: INE123F01029
BSE LIVE 15:57 | 15 Dec 71.25 -0.45
(-0.63%)
OPEN

72.10

HIGH

72.75

LOW

71.10

NSE 15:59 | 15 Dec 71.35 -0.30
(-0.42%)
OPEN

72.55

HIGH

72.80

LOW

71.10

OPEN 72.10
PREVIOUS CLOSE 71.70
VOLUME 205262
52-Week high 101.60
52-Week low 48.15
P/E 245.69
Mkt Cap.(Rs cr) 7,125
Buy Price 71.25
Buy Qty 970.00
Sell Price 0.00
Sell Qty 0.00
OPEN 72.10
CLOSE 71.70
VOLUME 205262
52-Week high 101.60
52-Week low 48.15
P/E 245.69
Mkt Cap.(Rs cr) 7,125
Buy Price 71.25
Buy Qty 970.00
Sell Price 0.00
Sell Qty 0.00

MMTC Ltd. (MMTC) - Company History

MMTC Limited (MMTC) is one of the two highest foreign exchange earners for India and a leading international trading company. The Company was incorporated on 26th September 1963. A Five Star Export House status company is engaged in trading of Minerals Precious Metals Metals Coal & Hydro Carbons Fertilizers and Agro products. MMTC's diverse trade activities encompass Third Country Trade Joint Ventures and Link Deals - all modern day tools of international trading. It has vast international trade network which includes a wholly owned international subsidiary in Singapore also spans almost in all countries in Asia Europe Africa Oceania and Americas.The Company had commenced its operation on 1st October 1963 of the incorporation year itself. MMTC made a foray into European market with the exports of one lakh tonnes of iron ore to Slovakia and Romania in the year of 1994. Also in the same year the company had commenced import of gold and silver against special import license for supply to the customers in the domestic area. The wholly owned subsidiary MMTC Transnational Pte Ltd Singapore was incorporated under the control of company in the year 1994. During the year 1995 MMTC opened a duty-free jewellery show room at Sahar International Port and a Memorandum of Understanding was signed with the government of Orissa for development of existing Gopalpur minor port into a all-weather deep water and direct berthing port. In the same year Board for Industrial & Financial Reconstruction (BIFR) had approved the scheme of merger-cum-amalgamation of Mica Trading Corporation of India Limited (MITCO) with MMTC. From the year 1996 onwards the company started to import the Chemical items and Homeopathic Medicines. MMTC had signed a MoU with the Department of Commerce under Ministry of Commerce and Industry during the year 2001 for its various applications. The Company had opened a new outlet at Thiruvananthapuram as a duty free business in the year of 2002 and also in the same year unveiled a new line of silverware Sanchi-Silver in Style. During the year 2003 MMTC had acquired Rs.800 crore deals from Japanese and South Korean companies for the supply of iron ore. In the identical year of 2003 the joint venture with the Orissa government namely Neelchal Ispat Nigam Ltd was emerged as the second largest exporter of pig iron from the country. The Company was ranked in Trading Sector by Business Standard in their publication BS 1000 India's Corporate Giants released in December 2006 and also noted as Top Company in the trading sector for the D&B by coveted American Express Corporate Award 2006. MMTC bagged a gold trophy for top Exporter for the Year 2006-07 in Merchant Exporter category by Engineering Export Promotion Council of India (EEPC) and also CAPEXIL highest export award for highest export of minerals for the year 2006-07 (16th time in a row). The 15 MW wind farms of the company were commissioned in March of the year 2007 at Karnataka. In The year 2007 MMTC had received government approval for acquiring an equity stake in the consortium which has undertaken the project for construction of a permanent iron ore-loading berth at Ennore to decongest Chennai port. Aiming at diversification and with a view to add value to its existing trading operations the company has undertaken various strategic initiatives during the year 2007-08 following public- private partnership route effectively integrating vertically both backwards and forwards to encompass the entire gamut of the product process starting from the stage of manufacture and ending with distribution to the ultimate consumer. The Company had inked an agreement with Swiss metal company PAMP to set up a gold refinery in Sohna during March of the year 2008.In the year 2009 the company had promoted a Commodity Exchange under the name and style of Indian Commodity Exchange Limited which commenced operations in November 2009. The company has participated in the equity of a Currency Futures Exchange under the name and style of United Stock Exchange of India Ltd. The said Currency Futures Exchange which commenced its operations in September 2010.MMTC is the largest importer of gold and silver in the Indian sub continent handling about 174 MT of gold and 1165 MT of silver during 2011-12. MMTC supplies gold on loan and outright basis to the exporter bullion dealers and jewellery manufacturers on all India basis. MMTC has retail jewellery & its own branded Sterling Silverware (Sanchi) showrooms in all the major metro cities of India. MMTC also supplies branded hallmarked gold and studded jewellery. Assay and hallmarking units have been set up at New Delhi Ahmedabad Kolkata & Jaipur for testing the purity of gold and gold articles duly accredited with Bureau of Indian Standards.During the year 2012-13 Govt. of India the promoter of the company holding 99.33% of the total equity capital as on 31.3.2013 divested its 9.33% equity through Offer for Sale of shares through stock exchange mechanism pursuant to SEBI guidelines in this regard. The said OFS issue was made by the Govt through stock exchange platform at NSE and BSE on 13th June 2013 thereby reducing Govt. of India's equity to 90% of the total paid up equity of the company.During the year 2014-15 MMTC and TATA Steel Ltd have set up a Joint Venture company namely TM Mining Company Ltd. for mining exploration and allied activities. It has obtained certificate for commencement of operations.