MMTC shares surged over 6 per cent on Friday, extending its gains to over 25 per cent in two sessions. MMTC shares had jumped over 18 per cent on Thursday after the government allowed iron ore exports by the state-run company to Japanese and South Korean steel mills, including that of Posco's, for next three years.
State-run MMTC is one of the largest exporters of minerals from India. MMTC's earlier contract to supply iron ore for five years to Japanese and Korean steel mills had expired on March 31, 2011.
The exports by MMTC will be confined between 3.80 million tonnes and 5.50 million tonnes of iron ore in a year.
MMTC will be supplying high grade iron ore to Japanese and Korean steel mills from NMDC's Baildila mines in Chhattisgarh.
At 10:18 a.m., shares of MMTC were up 5 per cent at Rs 56.90 as compared to a 0.40 per cent decline in Sensex. (With Agency Inputs)
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