MMTC advances on inviting bids for import of three lakh tonnes of DAP

MMTC is currently trading at Rs. 710.00, up by 3.10 points or 0.44% from its previous closing of Rs. 706.90 on the BSE.

The scrip opened at Rs. 707.65 and has touched a high and low of Rs. 722.70 and Rs. 707.50 respectively. So far 2737 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1400.00 on 21-Sep-2010 and a 52 week low of Rs. 669.00 on 02-Sep-2011.

Last one week high and low of the scrip stood at Rs. 724.00 and Rs. 691.10 respectively. The current market cap of the company is Rs. 70690.00 crore.

The promoters holding in the company stood at 99.33% while Institutions and Non-Institutions held 0.52% and 0.15% respectively. 

Minerals and Metals Trading Corporation (MMTC), a state-owned trading firm, has invited bids for the import of three lakh tonnes of di-ammonium phosphate (DAP). The company has taken this step with a view to augment fertiliser supply in the upcoming rabi season.

The company has announced September 20 as the last date for submission of bids and it would take decision on the same day for awarding the contracts. The full consignment of DAP (bulk)/DAP Lite grades is to be shipped during September-November, 2011. The consignments are to be offloaded at the Mundra, Kandla, Vizag, Hazira (anchorage), Kakinada (deep water) and Krishnapatnam ports.

From November onwards the rabi season starts and harvesting is done during March-April. The important rabi crops are wheat, gram, barley, peas and mustard. In the April-July period of the current fiscal, India imported 20.16 lakh tonnes of DAP, while inbound shipments in the 2010-11 fiscal stood at 74.11 lakh tonnes.

Recently, the company’s gold import for August had been dropped by an eighth to 5 tonnes. This can be attributed to the fact that gold buyers in India, the world's biggest consumer, are in wait-and-watch mode as the prices remain near record high. MMTC is the country's second biggest importer of the yellow metal.

MMTC is one of the leading companies in India which deals in agricultural commodities, fertilizers and minerals. Besides, it is also an importer of gold and silver. Presently, the trading company has an overseas office in Singapore. PEC, MMTC and other state-run trading agencies like STC import different varieties of pulses on behalf of the government to augment domestic supply.