MSTC hits new high

MSTC, formerly known as Metal Scrap Trade Corporation Limited is a PSU based in Kolkatta. It provides services to various e-commerce services like E-auction, e-procurement, e-sales, retail software. It also does recycling and has a 50:50 JV with Mahindra Intertrade for setting up a shredding plant and collection centers across the country.

The stock is shining bright in the limelight today, hitting a new 52-week high at Rs.147.80, hitting its 20% UC. Volumes have also surged over 5 times. Its market cap stands at Rs.1020 crore.

The stock is in news after it announced it has entered into a Memorandum of Understanding (MOU) with M/s Burn Standard Co Limited for e-Auction services for sale of movable assets and immovable assets.

The agreement shall remain valid up to 31 March, 2021 until it is terminated by either party by giving three months notice.

The company had gone public in March 2019 and its Rs.226 crore IPO got listed in the 'T' group securities. The IPO had got a tepid response due to which the closing dates were extended and price band also revised from Rs 121-128 to Rs 120-128 per share. It got listed at Rs.111 on the BSE. But clearly, post that it has been doing pretty well.