The country’s largest foreign trading company, MMTC, plans to import Rs 8,000 crore worth of gold in 2017-18 on account of government action to restrict unofficial gold imports. The company has clocked Rs 5,000 crore gold imports till December of the ongoing financial year. In the past two months, the government has taken some steps to control unofficial imports. This month, imports have improved. The company has recorded a total of Rs 7,000 crore gold imports.
For 2017-18, they will target Rs 8,000 crore gold imports. MMTC imported gold worth Rs 6,500 crore in 2015-16. The import duty on gold is seen at 10 per cent. India is the world's second-largest consumer of gold. MMTC is also taking up measures to conduct auctions of gold collected through the gold monetization scheme.
In the same manner, sales of Indian Gold Coins, for which MMTC is the vendor, is slated to pick up pace. MMTC has already sold 70 per cent of 150,000 gold coins weighing 800 kg.
Previously, the coins were sold through MMTC offices, but it has now tied up with seven banks, which includes ICICI Bank, Punjab National Bank and Vijaya Bank, to sell coins through 400 sales outlets. The coins are of 5 and 10 g and their prices vary the price of bullion.
The Indian Gold Coin was launched by Prime Minister Narendra Modi on November 5, 2015. It is India’s first sovereign gold offering and only gold coin hallmarked by the Bureau of Indian Standards.
MMTC share price is currently trading at Rs. 65.35, up by 4.14 per cent from its previous closing of Rs. 62.75 on the NSE. The scrip opened at Rs. 62.70 and has touched a high and low of Rs. 66.75 and Rs. 62.50 respectively.
Dynamic Levels have identified MMTC as one of the top 500 performing stocks for this quarter.
For further details on the stock, refer to MMTC share price history.
For further details on the stock, refer to MMTC share price history.
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