MMTC zooms 21% on bonus issue, stock split plans

MMTC shares were on fire today with a 33.31 per cent opening rally a day after the state-run trading major said its board will meet June end to consider bonus issue and stock split, and settled the day with a massive 21 per cent gain.

Minutes after its opening, the costliest share in the country zoomed 33.21 per cent to touch a high of Rs 37,999 on the Bombay Stock Exchange. Later, the stock pared some of the gains and ended 20.86 points higher at Rs 34,476.60 on the Bombay Stock Exchange.

A similar movement was witnessed on the National Stock Exchange, where the counter ended at Rs 34,346, up by a full 20.49 per cent.

On the volume front, over 19,230 shares changed the hands on the two bourses.

Yesterday, MMTC said a meeting of its board will be held on June 29 to consider issue of bonus shares, splitting of its shares and to recommend dividend for FY10.

Brokers also said the stock also got a boost from the government move to divest Coal India and Hindustan Copper. MMTC is also a candidate for disinvestment in this fiscal.

Broader market indicator, the Sensex also ended in the green and finished 77 points higher at 17,413 after a choppy session.