Shares of MMTC Ltd experienced a significant surge for the second consecutive session in Tuesday’s trade, witnessing a 5% jump to reach its upper price band of Rs 57.06. The stock displayed a remarkable rebound of 10.22% over the past two days, showcasing its volatile nature in recent times. Despite this surge, MMTC has been under intense pressure due to delisting reports, adding an element of uncertainty to its market performance.
In a notable development, MMTC disclosed in an exchange filing that its wholly-owned subsidiary, MTPL Singapore, received a winding up order from the Singapore High Court. The order was related to defaults made by MTPL Singapore in the repayment of commercial transactions to creditors and other banks. Although the winding up order was issued, the final order is still pending, leaving the company in a state of anticipation.
Additionally, MMTC announced that November 15 has been fixed as the record date for the purpose of declaring dividends, if any, providing shareholders with a clear timeline for dividend-related information. Moreover, the company is set to convene its annual general meeting (AGM) on November 22, indicating an important date for stakeholders.
At 11:06 AM the shares were trading 4.96% higher at ₹57.15
