MMTC drops on dismal Q2 results

MMTC dropped 3.03% to Rs 67.20 at 12:00 IST on BSE after the company reported a net loss of Rs 10.08 crore in Q2 September 2014, slightly lower than net loss of Rs 10.40 crore in Q2 September 2013.

The Q2 result was announced after market hours on Friday, 7 November 2014.

Meanwhile, the S&P BSE Sensex was down 50.93 points or 0.19% at 27,817.70.

On BSE, so far 1.28 lakh shares were traded in the counter as against average daily volume of 3.96 lakh shares in the past one quarter.

The stock hit a high of Rs 68.25 and a low of Rs 66.60 so far during the day. The stock had hit a 52-week high of Rs 106.80 on 11 June 2014. The stock had hit a 52-week low of Rs 45.50 on 28 February 2014.

The stock had outperformed the market over the past one month till 7 November 2014, advancing 12.87% compared with the Sensex's 6.08% rise. The scrip had, however, underperformed the market in past one quarter, slipping 6.79% as against Sensex's 8.91% rise.

The mid-cap firm has an equity capital of Rs 100 crore. Face value per share is Re 1.

MMTC's total income declined 66.08% to Rs 2547.76 crore in Q2 September 2014 over Q2 September 2013

Established in 1963, MMTC is one of the two highest foreign exchange earners for India and is a leading international trading company. MMTC is the largest non-oil importer in India. MMTC's diverse trade activities encompass Third Country Trade, Joint Ventures, Link Deals - all modern day tools of international trading.

The Government of India holds 89.93% stake in the company as at 30 September 2014.

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