/ MMTC’s JV Signs Mining Lease For Iron Ore ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 12 January 2017


Commercial trading and distribution company, MMTC has announced that Neelachal Ispat Nigam Limited (NINL), the joint venture between MMTC and the government of Odisha, has signed a mining lease agreement for iron ore. 

Iron ore acts as a basic raw material for NINL in its operations. MMTC basically deals in Precious Metals, Metals, Minerals, Coal & Hydrocarbon, Agro Products, Fertilisers and General Trade. The stock of MMTC is trading higher with 5.5% gains at Rs 73.3, and thereby has hit its new 52 week high. The stock has broken out of the consolidation prevailing for last two trading sessions. It may see some more optimism, if its closes above 71.9 levels.

However, MMTC has posted poor results in Q2FY17, wherein its revenues dropped by 49.5%. Net profits for Q2FY17 stood at Rs 10.45 crore as against a net loss of Rs 7.01 crore in previous quarter, majorly driven by 65% rise in other income. Hence, Q3 results will decide the future course that the stock will take.

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