Shares of MSTC soared 18 per cent in Monday’s trade amid high volumes. The scrip jumped 17.67 per cent to hit a high of Rs 332.25 on BSE. A total of 4.6 lakh shares changed hands on the counter so far against a two-week average of 36,000 shares. Against a demand of 2,87,933 shares at 12.48 pm, there were sell orders of 35,649 shares.
Monday was the third straight day of gains for MSTC. The scrip is down 1.5 per cent year-to-date.
The company is engaged in three major activities recycling, trading and e-commerce. Trading is a key segment that accounts for 80-85 per cent of total revenues of the firm. The company offers e-procurement services, e-auctions and development of customised software.
On Friday, Union Minister Nitin Gadkari said all vehicles belonging to the government that have completed 15 years will be scrapped, and a policy to that effect has been sent to states. Gadkari was speaking at the inauguration of the annual ‘Agro-Vision’ agriculture exhibition here.
“Yesterday, I signed a file under the guidance of Prime Minister Narendra Modi that all the vehicles of the Indian government which have completed 15 years will be scrapped. I have sent this policy of the Indian government to all the states. They should adopt this policy at the state level,” PTI reported Gadkari as saying.
MSTC has a joint venture with Mahindra Accelo, CERO (Mahindra MSTC Recycling). It is engaged into recycling of the end of life vehicles such as trucks, buses, cars, two and three wheelers and consumer durables.
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