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MSTC rises as Coal India extends selling agency agreement

24 Jun 2019 Evaluate

MSTC is currently trading at Rs. 87.20, up by 0.55 points or 0.63% from its previous closing of Rs. 86.65 on the BSE.

The scrip opened at Rs. 90.00 and has touched a high and low of Rs. 90.00 and Rs. 86.05 respectively. So far 1989 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 120.00 on 12-Apr-2019 and a 52 week low of Rs. 85.20 on 20-Jun-2019.

Last one week high and low of the scrip stood at Rs. 93.00 and Rs. 85.20 respectively. The current market cap of the company is Rs. 606.14 crore.

The promoters holding in the company stood at 64.75%, while Institutions and Non-Institutions held 16.57% and 18.25% respectively.

Coal India has extended the selling agency agreement with MSTC for disposal of Scrap/rejected/condemned/obsolete materials/unserviceable plant and machinery, vehicles, surplus stores/spares/e-waste etc. for a period of 5 years.

South Eastern Coalfields has extended Selling Agency Agreement with MSTC for disposal of Scrap/rejected/condemned/obsolete materials/unserviceable plant and machinery, vehicles, surplus stores/spares/e-waste etc. for a period of 2 years.

Further, MSTC has also signed an agreement with Department of Food and civil service, Government of Uttar Pradesh for e-procurement. Under this agreement, e-Procurement of sugar will be done by Uttar Pradesh Government shortly.

MSTC is a Mini Ratna Category-I PSU under the administrative control of the Ministry of Steel, Government of India.