FIIs sold 19,87,148 shares & DIIs decreased stake: President of India & LIC-backed multibagger stock hit back-to-back upper circuits & 52-week highs with heavy volumes!
The stock gave multibagger returns of 270 per cent from its 52-week low of Rs 33.30 per share.
Indian stock market ended the trading session lower on Thursday, with the BSE Sensex Index down 0.14 per cent at a level of 80,040 and the NSE Nifty-50 Index down 0.03 at a level of 24,406. About 2,049 shares have advanced, 1,877 have declined and 97 were unchanged on BSE.
Though the market was in red, 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.
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 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 shares of MMTC Ltd hit a 20 per cent upper circuit and made a fresh new 52-week high of Rs 123.12 per share. At the closing bell, shares of the company were trading at Rs 121.56 per share, up 18.5 per cent with a spurt in volume by more than 4 times on BSE.
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This resulted in a notable gain for the President's holdings, amounting to Rs 260 crore in a single day. Life Insurance Corporation of India (LIC) owns a 1.97 per cent stake in the company as of June 2024. As of June 2024, FIIs sold 19,87,148 shares and decreased their stake to 0.02 per cent and DIIs decreased their stake to 2.66 per cent compared to 0.15 per cent and 2.70 per cent, respectively in March 2024.
The company's market cap of over Rs 18,000 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 a ratio of 1:1. The stock gave multibagger returns of 270 per cent from its 52-week low of Rs 33.30 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.
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