MSTC jumps on getting nod for investment in Mahindra MSTC

MSTC is currently trading at Rs. 334.55, up by 9.65 points or 2.97% from its previous closing of Rs. 324.90 on the BSE.

The scrip opened at Rs. 331.65 and has touched a high and low of Rs. 339.75 and Rs. 328.15 respectively. So far 33754 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 542.00 on 19-Oct-2021 and a 52 week low of Rs. 160.25 on 29-Dec-2020.

Last one week high and low of the scrip stood at Rs. 339.75 and Rs. 319.00 respectively. The current market cap of the company is Rs. 2360.51 crore.

The promoters holding in the company stood at 64.75%, while Institutions and Non-Institutions held 2.67% and 32.58% respectively.

MSTC has received approval for investment by way of equity share capital contribution of Rs 6 crore in its Joint Venture Company, Mahindra MSTC (MMRPL) for expansion of recycling and vehicle scrapping business. The Board of Directors of the company at its meeting held on December 27, 2021 has considered and approved the same.

MSTC is a Mini Ratna Category-I PSU under the administrative control of the Ministry of Steel, Government of India.

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