Read on the application
After rising 55% in 7 days, shares of state-owned company MMTC are now falling. MMTC shares are on lower circuit for last 3 days. Shares of government companies have fallen 27% in 3 days. The fall in the company’s shares comes after media reports that the government is considering shutting down two more state-owned companies, along with Metals and Minerals Trading Corporation of India (MMTC). According to a report by the Monetary Control, the government may suggest the closure of the company in view of weak interest among investors in the company’s Offer for Sale (OFS).
An important decision may be taken on October 23
Citing a CNBC-TV 18 report, the Monetary Control report said that a final decision could be taken at a meeting chaired by Commerce Minister Piyush Goyal on October 23. After this, the government can close Metals and Minerals Trading Corporation of India (MMTC), STC and PEC. Technical analysts say that shares of state-owned MMTC are looking bearish on the daily chart. In a BusinessToday report, Ravi Singh, founder of DRS Finvest, has said that in the coming days, MMTC’s shares will cross Rs. Can reach up to 50.
Also Read- Waiting for Tata IPO is over, know what will be the price band and opening date! GMP revolted
After a tremendous surge, the stock rallied
After a tremendous rally in the last 15 days, shares of state-owned MMTC have seen a sharp decline. On October 9, 2023, the shares of the government company were Rs. were at 55.99. MMTC’s share on October 17 was Rs. It reached a high of 87.08. After this, the shares of the company have declined for the last 3 days. On 20 October 2023, MMTC’s share was Rs. 87.08 down to Rs. 63.50 has happened. The state-owned company’s shares touched a 52-week high of Rs. is 89.04. At the same time, the company’s shares hit a 52-week low of Rs. is 26.36.
Also Read- IPO May List At ₹555, Investors’ Wait Over, GMP Proud