News Analysis

MSTC gains after Adani Group appointing the company as selling agent

Updated on 12 September 2019 12:51 PM

MSTC is currently trading at Rs. 95.00, up by 0.65 points or 0.69% from its previous closing of Rs. 94.35 on the BSE.

The scrip opened at Rs. 94.35 and has touched a high and low of Rs. 98.50 and Rs. 93.10 respectively. So far 16909 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. 70.40 on 14-Aug-2019.

Last one week high and low of the scrip stood at Rs. 98.50 and Rs. 79.00 respectively. The current market cap of the company is Rs. 670.21 crore.

The promoters holding in the company stood at 64.75%, while Institutions and Non-Institutions held 17.06% and 18.20% respectively.

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 3 months to the other party.

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