MSTC gains after appointment as selling agent for BSRTC

MSTC rose 1.16% to Rs 91.90 after Bihar State Road Transport Corporation appointed the company as the selling agent for three years.

Bihar State Road Transport Corporation (BSRTC) has appointed MSTC as the selling agent to sell all categories of goods, surplus materials and equipments of plant/machineries, vehicles and miscellaneous materials/articles etc. The agreement will remain valid for three years from the date of execution of agreement.

Further, the Securities Exchange Board of India (Sebi) has accepted MSTC's proposal to avail e-procurement services through MSTC's portal. The announcement was made after market hours yesterday, 17 September 2019.

Shares of MSTC fell 5.70% in the past two trading sessions to settle at Rs 90.85 yesterday, 17 September 2019, from its close of Rs 96.35 on 13 September 2019.

On BSE, 617 shares were traded in MSTC counter, compared to a 2-week average of 10,000 shares. The stock hit an intraday high of Rs 93 and an intraday low of Rs 90.10.

It hit a 52-week high of Rs 120 on 12 April 2019 and a 52-week low of Rs 70.40 on 14 August 2019.

MSTC's consolidated net profit fell 46.3% to Rs 29.08 crore on a 23.6% decline in net sales to Rs 485.41 crore in Q1 June 2019 compared with Q1 June 2018.

State-run MSTC specializes in international trade of ferrous input materials and imported millions of tons of ferrous melting scrap, old ships for breaking, sponge iron, hot briquetted iron, re-rollable scrap, etc. The company also undertakes marketing of ferrous and miscellaneous scrap arising from integrated steel plants, engineering companies, refineries, power plants, coal and transport sector, defence and other government departments / private sector organisations in the domestic market.

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