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Shares of MMTC and State Trading Corporation of India rose on report of potential merger. MMTC Ltd shares climbed as much as 10 per cent to Rs 60 and State Trading Corp of India Ltd shares jumped as much as 5 per cent to Rs 142.85.
According to Commerce and Industry Minister, Suresh Prabhu, merger of state-run commodity trading firms MMTC and STCI is on the cards and the matter is under process.
"That is something which is already on cards because STC unfortunately has become a sick company. Therefore, there are some measures which are being taken already and this matter is under process," Prabhu told PTI.
He said this while replying to a question whether the government is moving ahead on the proposal to merge Metals & Minerals Trading Corporation of India and State Trading Corporation.
MMTC, and STCI were not immediately available for comment. More than 89,000 shares of STCI were traded, 1.4 times their 30-day moving average. Up to Friday’s close, STCI stock had fallen 28 per cent this year, while MMTC stock lost 25.6 per cent.
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