MSTC rises for fourth day; gains over 107% in one year

MSTC jumped 5.78% to Rs 356.15, extending gains for fourth day in a row.

The stock has added 8.81% in four sessions, from its recent closing low of Rs 327.30 recorded on 30 December 2021.

In the past one year, the scrip has zoomed 107.37% while the benchmark Sensex has added 24.27% during the same period.

In a regulatory filing made during market hours today, MSTC said that Acuite Ratings & Research has reaffirmed its rating on the bank facilities of the company worth Rs 333.25 crore. The credit ratings agency has reaffirmed the rating of MSTC's long-term bank facilities at 'ACUITE A+' while maintaining 'stable' outlook on the same. It has reaffirmed the rating on the company's short-term bank facilities at 'ACUITE A1+'.

 

MSTC's core activity is diversified mainly into providing e-auction/eProcurement services and trading of bulk products like ferrous and non-ferrous scrap, coke, finished steel, coal and petroleum products.

The company's consolidated net profit declined 1.60% to Rs 28.30 crore despite 8.72% rise in sales to Rs 227.71 crore in Q2 FY22 over Q2 FY21.

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