Share prices of MMTC rose significantly as company reported heavy profits for its quarters. Unfortunately, the Government of India owns almost all of the equity in the firm so that means there were only a few people who benefited from the record profits that the company has reported. How about giving those employees an increase in their wages? I am expecting that all these profits will get gulped down by the corrupt officers.
Interestingly the news also highlighted that the President of India holds a considerable percentage of the shares in the company which are not traded in the market. I am quite concerned how such a “reputable” person actually got shares in the company where the person is not even directly involved or am I missing something?
The company has shown a growth of 34% in its profits and is now reportedly going under disinvestment after getting an approval from EGM for splitting its share. Despite record profits being reported by the company, BSE Sensex remained weak.
Posted in: Business | Tags: mmtc, price, share