Yesterday, MMTC’s joint venture company signed a mining lease agreement. Neelachal Ispat Nigam has signed a mining lease agreement, on January 11, for iron ore, which is its basic raw material for operation.
Neelachal Ispat Nigam is a joint venture company promoted jointly by MMTC and Orissa Government. During six months period ended September 2016, the company had reported profit of Rs 3.44 crore and Rs 4,188.16 crore, down 75.6 per cent and 39.6 per cent compared with year-ago period, respectively.
Today, on the news of the lease agreement, MMTC share price hit new 52-week high of Rs 73.90, up 6.6 per cent intraday at NSE. Earlier, the stock had traded at the new high on 5th and 9thJanuary 2017 as well.
As of the shareholding pattern data released by the company for December 2016, Indian promoters own 89.93 per cent stake in the company while 10.08 per cent is held by the Public. Institutions and non-institutions have 6.07 per cent and 4.01 per cent shareholding in the company respectively. The Mutual Fund holding in the company has reduced to one from the former 2 in September 2016 shareholding data. There are 12 Banks and Financial Institutions that are invested in MMTC along with six insurance companies among which one is LIC of India.
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