MMTC hits new 52-week high

Metals and Minerals Trading Corporation of India, one of the largest public trading body and one of the highest earner of foreign exchange has hit a new 52 week high. The shares of the company which previously closed at Rs 49.75 on December 7; opened at Rs 50.20 and as at 10.42 am are trading at Rs 55.80, up by 12.16 per cent. 

Recently the company has tied-up with the State Bank of India (SBI) to sell the government-minted Indian Gold Coin. The state-run bullion trader, which has already tied up with over half a dozen banks, has so far sold one lakh pieces of the Indian Gold Coin and has set a target of selling 5 lakhs units in the next few years. The coin is available in denominations of 5gm, 10gm and 20 gm bar.

The shares of the firm in the last three months have rallied over 20 per cent. Fifty-two-week high/low of the scrip stands at Rs 56.75/29.95.