MSTC edges higher on signing MoU in UP

On Saturday, the state owned MSTC Ltd. reported that it has entered into MoU in Utter Pradesh. The stock price opened nearly 3 per cent higher on Monday.

The MSTC informed that it has entered into Memorandum of Understanding (MoU) with the official liquidator, Uttar Pradesh, Allahabad, for the auction of movable/immovable properties (under liquidation) through the company’s auction website. The MoU shall be valid for 6 months from the date of its execution.

The same press release also had a statement, informing that the company has been appointed as a selling agent for the disposal of movable or immovable items, all surplus scrap materials and secondary arising scraps (ferrous and non-ferrous), equipment, plants, and machinery. The sale of scrap will be executed through the MSTC’s auction website. The stated agreement for selling is valid until terminated by either party by giving a notice of three months in advance to the other party.

The MSTC is a public sector undertaking, which falls under the mini ratna category of the Steel Ministry.

The stock of MSTC touched intra-day high of Rs. 168 in early trade on Monday. At 12.20 AM, the stock traded at Rs. 162, with gains of 1.15 per cent.