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MMTC gains on winning orders for import of steam coal

Shares of MMTC rallied 7% to Rs 53.80 on the BSE in early morning trade after the state-owned company said it has received orders for import of steam coal from Coal India (CIL) and Andhra Pradesh Power Development Company Limited for about 2.35 million metric tonnes (MMT) for supply during the financial year 2015-16 (FY16).

"The company has received orders for import of steam coal from Coal India Ltd and Andhra Pradesh Power Development Company Ltd for approx 0.75 MMT (out of 5 MMT that CIL had initially tendered) and 1.6 MMT, respectively for supply during the FY 2015-16," MMTC Ltd said in a filing on the BSE.

The stock opened at Rs 51.55 and touched a high of Rs 54 on the BSE. A combined 769,046 shares changed hands on the counter in first 10 minutes of trade on the BSE and NSE.

Source: Business Standard