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MSTC advances after pact with Adani Group

Capital Market 

MSTC rose 3.07% to Rs 97.25 after the company said that it has been appointed as the selling agent of Adani Group.

Adani Group has appointed MSTC as the selling agent to sell all surplus inventory and other equipments (excluding scrap) of entire Adani Group of companies. The agreement will remain valid till either party terminates the agreement by giving advance notice of three months to the other party. The announcement was made after trading hours yesterday, 11 September 2019.

Shares of MSTC rose 22.71% in five trading sessions to its current market price of Rs 97.25, from a recent closing low of Rs 79.25 on 4 September 2019.

On BSE, 12,000 shares were traded in MSTC counter, compared to a 2-week average of 27,000 shares. The stock hit an intraday high of Rs 98.50 and an intraday low of Rs 93.10.

It hit a 52-week high of Rs 120 on 12 April 2019 and a 52-week low of Rs 70.40 on 14 August 2019.

MSTC's consolidated net profit fell 46.3% to Rs 29.08 crore on a 23.6% decline in net sales to Rs 485.41 crore in Q1 June 2019 compared with Q1 June 2018.

State-run MSTC specializes in international trade of ferrous input materials and imported millions of tons of ferrous melting scrap, old ships for breaking, sponge iron, hot briquetted iron, re-rollable scrap, etc. The company also undertakes marketing of ferrous and miscellaneous scrap arising from integrated steel plants, engineering companies, refineries, power plants, coal and transport sector, defence and other government departments / private sector organisations in the domestic market.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 12 2019. 10:45 IST