MMTC Share Price Jumps 9% — Here's What's Behind Rally
The surge is primarily driven by a sharp rebound in bullion prices as gold and silver continue to rally, lifting sentiment for bullion‑linked stocks.
Shares of MMTC Ltd. are buzzing on trade on Wednesday as the confidence grows for bullion-backed companies.
The stock surged 9.28% to trade at Rs 69.45 apiece, compared to Tuesday's closing price of Rs 63.55.
The surge is primarily driven by a sharp rebound in bullion prices as gold and silver continue to rally, lifting sentiment for bullion‑linked stocks such as MMTC. Silver prices surged by Rs 12,020 to hit a fresh lifetime high of Rs 2,86,790 per kg in the country on Wednesday, and gold climbed to Rs 1,43,650 per 10 grams amid sustained buying by the stockists, according to bullion's website.
MMTC-PAMP is a joint venture between Switzerland's PAMP SA and India's MMTC Ltd, which combines Swiss expertise with Indian knowledge.
The company deals with the precious metals industry. The company claims that they are India's only refinery accredited by the London Bullion Market Association for gold and silver.
It should be noted that no material corporate announcements or regulatory events were reported and the company's exchange filings throughout December‑January reiterated no significant events affecting the stock. The bullion price rally can be attributed to the sharp price appreciation.
MMTC Share Price Today
MMTC Share Price Today. (Photo: NDTV Profit)
The scrip rose as much as 9.28% to Rs 69.45 apiece during the day. This compares to a 0.12% decline in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 10.49 times its 30-day average. The relative strength index was at 54.26.
