MMTC was locked at 5% lower circuit at Rs 49.70 at 12:13 IST on BSE after net profit declined 50.1% to Rs 6.02 crore on 68.6% growth in net sales to Rs 8823.20 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Wednesday, 14 August 2013. The stock market was closed on Thursday, 15 August 2013 on account of Independence Day.
Meanwhile, the S&P BSE Sensex was down 462.02 points or 2.39% at 18,905.57.
On BSE, 1.81 lakh shares were traded in the counter as against average daily volume of 3.79 lakh shares in the past one quarter.
The stock hit a high of Rs 51.95 so far during the day. The stock had hit a 52-week low of Rs 37.15 on 5 August 2013. The stock had hit a 52-week high of Rs 827 on 16 August 2012.
The stock had underperformed the market over the past one month till 14 August 2013, sliding 15.37% compared with the Sensex's 2.96% fall. The scrip had also underperformed the market in past one quarter, tumbling 80.04% as against Sensex's 1.8% fall.
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The company has equity capital of Rs 100 crore. Face value per share is Re 1.
MMTC said that the extraoridinary item (net of tax) of Rs 5.12 crore (income) during the quarter represents withdrawal of liabilities created in earlier years of Rs 7.75 crore less Rs 2.63 crore of income tax, since no longer required.
MMTC has been trading in agro products through National Spot Exchange (NSEL). In respect of sale contracts executed through it, an amount of Rs 202 crore was receivable from NSEL as on 30 June 2013 out of which Rs 187 crore has been realized after 30 June 2013 and Rs 15 crore is still outstanding. On 31 July 2013, NSEL suspended trading in spot contracts and deferred settlement resulting into non-realisation of outstanding on due dates. As on 12 August 2013 an amount of Rs 226 crore is receivable from NSEL.
State-run MMTC is India's largest international trading company. MMTC is the largest non-oil importer in India.
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