ValueQuest India Moat acquires 1.17% stake in MSTC; shares skyrocket 17%

A total of nearly 19.61 lakh equity shares of MSTC worth around Rs 138.61 crore have exchanged hands on the BSE and NSE today

MSTC shares zoom: Shares of state-owned Mini Ratna company, MSTC, soared as much as 16.98 per cent to hit the day's high of Rs 738 on the BSE during intra-day deals on Wednesday. The northward move in the stock price was attributed to the news that ValueQuest India Moat Fund, an offshore fund that makes long-term investments, has 8,20,374, or 1.17 per cent, stake in the company, as shown by the shareholding data available on the BSE.

MSTC is a Schedule-B, Mini Ratna Category-1 Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Steel (MOS), Government of India (GOI). Delivering innovative e-commerce solutions across various sectors, MSTC has been digitalising various B2B & G2B transactions. Currently, MSTC is providing comprehensive e-commerce services, including e-auctions, e-sales, e-procurement, e-tenders, etc., along with specialised customised software solutions, meeting each and every requirement of its clients. As per the information available on the company's official website, presently, the Government of India has 64.75 per cent shareholding in the company.

As of October 9, 2024, MSTC has a market capitalisation of Rs 5,026.56 crore on the BSE. The company is a constituent of the BSE SmallCap index.

MSTC shares have a 52-week range of Rs 1,165-417.15 on the BSE.

At around 2:48 pm, MSTC shares were quoted trading at Rs 713.05, up 13.03 per cent from its previous close of Rs 630.85 on the BSE. A total of nearly 19.61 lakh equity shares of MSTC worth around Rs 138.61 crore have exchanged hands on the BSE and NSE.

MSTC shares are currently 36 per cent lower than their 52-week high of Rs 1,165 scaled on January 31, 2024.

Meanwhile, the benchmark equity indices, BSE Sensex and NSE Nifty50, were also trading in the positive territory on Wednesday. Nifty50 was quoted at 25,064.10, up 50.95 points or 0.20 per cent from its previous close, while Sensex was trading 80.81 points or 0.10 per cent higher at 81,715.62.