MMTC, STC shares gain on hopes of merger

Shares of MMTC surged over 8 per cent today on hopes of merger with STC.

MMTC's scrip zoomed 8.15 per cent to end at Rs 59.05 on BSE. During the day, it soared 9.98 per cent to Rs 60.05.

At NSE, shares of the company jumped 8.34 per cent to close at Rs 59.10.

Shares of State Trading Corporation (STC) also rose 4.98 per cent to Rs 142.15 in intra-day trade but later ended 1.29 per cent higher at Rs 137.15 on BSE.

At NSE, the stock gained 1.10 per cent to settle at Rs 137.55.

A merger of state-run trading firms MMTC and STC is on the cards and the matter is under process, Commerce and Industry Minister Suresh Prabhu has said.

"That is something which is already on cards because STC unfortunately has become a sick company. Therefore, some measures are being taken already and this matter is under process," Prabhu told PTI.

He said this while replying to a question whether the government is moving ahead on the proposal to merge Metals & Minerals Trading Corporation of India (MMTC) and STC.