Shares of MMTC shot up after the public sector trading company announced a 34% jump in its first-quarter net profit. Also, the stock today turned ex-bonus (1:1) and ex-split (10-for-1).
On the BSE, MMTC shares ended at Rs1,839, up Rs326 or about 22% over the previous close. It had earlier been as high as Rs1,935 after opening at Rs1,586. More than five lakh shares changed hands on the counter.
Recently, MMTC received mandatory EGM approval for splitting its share with a face value of Rs10 into 10 stocks of Re1 each. The company has also announced a one-to-one bonus issue.
The company's net profit for the quarter ended June 30 stood at Rs552.3mn, compared to Rs412.7mn in the year-ago period. Total income rose to Rs120.59bn during the April-June quarter of FY11, from Rs75.12bn in the same period a year ago.