President of India & LIC-backed multibagger stock under Rs 100 gains rockets over 10 in just 1 hour with spurt by more than 4 times!

The stock gave multibagger returns of 177 per cent from its 52-week low of Rs 31.77 per share.

Indian stock market is trading at an all-time high on Wednesday, with the BSE Sensex Index up 0.66 per cent at a level of 79,964 and the NSE Nifty-50 Index up 0.61 at a level of 24,270. About 2,363 shares have advanced, 1,275 have declined and 161 were unchanged on BSE.

Along with the market in green, one multibagger stock was trending and traded in the green. Let us know about this stock:

The stock we will be discussing today is MMTC Ltd.

The President of India owns a significant stake in the company, holding 89.93 per cent of the shares, which translates to 1,36,89,03,143 shares. Today, the stock price experienced a surge, of over 10 per cent to Rs 88 per share. This increase was accompanied by a substantial rise in trading volume, exceeding 4 times the average.

This resulted in a notable gain for the President's holdings, amounting to Rs 119.50 crore in a single day. However, it's important to note that despite this positive movement, the stock remains down by 13.7 per cent compared to its 52-week high of Rs 102 per share. Life Insurance Corporation of India (LIC) owns a 1.98 per cent stake in the company as of March 2024.

Also Read: Low PE & high ROE stock under Rs 140 in green as this IT-company allocates 93,796 equity shares on conversion of warrants!

MMTC Ltd was incorporated in 1963, to facilitate foreign trade in India and canalize the export and import of essential minerals and metals. It is under the administrative control of the Ministry of Commerce & Industry, and the Government of India and is engaged in trading across minerals, metals, precious metals, agro products, fertilizers & chemicals and coal & hydrocarbons.

The company's market cap of over Rs 13,000 crore. According to the Quarterly Results (Q4FY24) and annual results (FY24), the company reported positive numbers. The company's shares have an ROCE of 10 per cent and an ROCE of 9.2 per cent. The company has issued bonus shares twice in the past, once in 2010 in a ratio of 1:2 and again in 2018 in the ratio of 1:1. The stock gave multibagger returns of 177 per cent from its 52-week low of Rs 31.77 per share.

Do you own MMTC Ltd.’s shares in your portfolio? Do let us know in the comments below

Disclaimer: The article is for informational purposes only and not investment advice.