Dividend: Multibagger PSU Stock Under Rs 60 Sets Record Date, Hits Upper Circuit

Shares of mid cap public sector undertaking, MMTC Ltd hit back-to-back upper circuits on October 30 and October 31. Despite hitting upper circuits for 2nd day in a row, MMTC shares declined over 5% in last 1-week and fell 34% in last 2-weeks. In last 6-months, MMTC stock offered return of 102%. Earlier, Board of Directors of the company fixed November 15, 2023 as the record date for dividend payment.

Why MMTC Shares Witnessed Sharp Dip? The PSU company's shares saw sharp decline in last 2 weeks after reports surfaced that government is planning closure of Metal and Minerals Trading Corporation of India (MMTC) along with two more government entities. Indian government holds an 89.9% stake in MMTC and Life Insurance Corporations owns a 2.9% stake in MMTC as of the September 2023 quarter, according to Trendlyne data.

MMTC Sets Record Date For Interim Dividend: As per the BSE filing of the company issued on October 27, 2023, "The Company has fixed Wednesday, November 15, 2023 as (a) the "Cut-off Date" for the purpose of determining the Members eligible to vote on the resolutions set out in the Notice of the AGM and to attend the AGM; (b) the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2022-23. The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM."

MMTC Stock Outlook & Return: Current market price of MMTC share on BSE is Rs 57.06 per share with intraday gain of 4.99%. Its 52-week high price is Rs 89.04 per share and 52-week low price is Rs 26.36 per share, respectively. The company has a market capitalisation of Rs 8,559.00 crore. MMTC shares gave return of 50% in last 3-months, soared 65% in last 1-year, gained 36% in last 2-years, and offered a rally of 261% in last 3-years.

About: MMTC Limited was incorporated in 1963 primarily to regulate the International trade of Minerals and Metals. Over the years, MMTC diversified its business portfolio keeping in view national requirements / new business opportunities, and new product lines like Agro Commodities, Fertilizers, Precious Metals, and Coal were added to the product profile of MMTC. A Corporate giant growing in leaps and bounds, MMTC Limited is the leading international trading company in India. The premier trading house has always striven to outperform its own past records, according to its official website.

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