MMTC rose 5.64% to Rs 20.60, extending recent gains on strong buying support.
Shares of MMTC surged 17.71% in five trading sessions to its current market price of Rs 20.60 from its recent closing low of Rs 17.50 on Wednesday, 11 December 2019.
The S&P BSE Sensex was up 153 points or 0.37% to 41,504.83.
On the technical front, the stock's RSI (relative strength index) stood at 63.544. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 17.87, but still below its 200 DMA placed at Rs 22.28.
On consolidated basis, MMTC reported a net loss of Rs 48.79 crore in Q2 September 2019 as against a net profit of Rs 38.03 crore in Q2 September 2018. Net sales declined 8.7% to Rs 6,783.87 crore in Q2 September 2019 over Q2 September 2018.
MMTC is a trading company. The firm's segments include precious metals, metals, minerals, coal & hydrocarbon, agro products and fertilizers. The company is involved in the import of gold, silver, platinum, palladium, rough diamonds, emeralds, rubies and other semi-precious stones.
As of 30 September 2019, the Government of India held 89.93% stake in the company.
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