MMTC’s Shares Surge 20% to Reach a One-Year High; What’s Ahead for This PSU Stock?

(VOR News) – Shares of MMTC Ltd., which is owned and controlled by the state, had a big surge on Wednesday, reaching their highest levels in the preceding 52 weeks. This was the greatest increase in the company’s history.

After experiencing a twenty percent increase today, the share price hit 102.60 rupees from its previous level. As a result of the fact that it is currently trading at this price, it has gained 70.57 percent to this point in the year (YTD).

According to the majority of technical analysts, the counter appears to be in a “strong” position on the daily charts.

Analysts at MMTC generally agreed with this statement.

It is possible that the level of Rs 95 might be deemed immediate support when all of these factors are taken into consideration.

In a statement, Osho Krishan, Senior Research Analyst for Technical and Derivatives at Angel One, noted that MMTC has been observing a major upward trend with high trading volumes.

Within the next several days, it is projected that the stock will continue on its existing upward track. There is a possibility that it will reach levels in the immediate term that fall somewhere between 114 and 120 rupees. The range of support levels that are anticipated to be present is between Rs 95 and Rs 85.

This was also MMTC observed by Ravi Singh, Senior Vice President (Retail Research) at Religare Broking, who stated that the stock appeared to be performing well on daily charts. Ravi Singh also mentioned that this phenomenon was occurring. It has the potential to hit an upward target of Rs 110 in the short term.

However, this is not certain. According to Singh, the MMTC stop loss should be kept at a level that is approximately 95 rupees.

Shiju Koothupalakkal, an analyst at Prabhudas Lilladher who specialises in technical research, claimed that the next visible upside targets would be between the levels of Rs 115 and Rs 135.

This information was provided by MMTC analyst. It is probable that there will be some consolidation in the meanwhile, with the near-term support level established at Rs 95.

This is something that could happen. Following that, one can anticipate an additional upward movement that will result in the mark of new highs.

Eventually, this MMTC will be implemented.

Over 84.94 lakh shares were traded on the MMTC Bombay Stock Exchange (BSE) today, indicating that there was a substantial level of trading activity on the BSE.

The outcome was significantly greater than the typical volume of 16.99 lakh shares that had been traded over the course of the previous two weeks. On the other hand, the total amount of money that was exchanged at the counter was 83.56 crore, and the market capitalisation (M-cap) of the company was 15,390 crore.

In comparison to the simple moving averages (SMAs) for the five-day, ten-day, twenty-day, thirty-day, fifty-day, one hundred-day, one-hundred-day, and two hundred-day time periods, it fluctuated at a higher level. 70.31 was the value that was obtained for the relative strength index (RSI) for the counter over a period of fourteen days.

On the other hand, when the value is below 30, it is considered to be oversold, and when it is beyond 70, it is considered to be overbought.

In comparison to the price-to-book (P/B) value of 11.36, the stock of the company has a price-to-equity (P/E) ratio of 225.63. This ratio is higher than the P/B value. Return on equity was 5.04, and profits per share (EPS) came in at 0.45. Both of these figures are significant.

MMTC is a company that is involved in international trade in addition to its business interests in the mining industry. At the end of June 2024, the government held a stake in the PSU that was equivalent to 89.93 percent of the total.

SOURCE: BTN

SEE ALSO:

Tesla’s Stock is Down due to the Ongoing Decline in Profits.

Meta Takes Down Thousands Of Facebook Accounts Running Sextortion Scams From Nigeria

Expenditure on Business Travel Rises Everywhere Except Europe and Asia.