MSTC shares: Ramesh Damani to meet PSU management on Dec 9, stock surges 6%
MSTC shares rose 5.96 per cent to hit a high of Rs 771.30 on BSE. Damani owns over 1 per cent stake in companies such as Protean eGov Technologies, Goldiam International, Panama Petrochem and Vadivarhe Speciality Chemicals.
- Dec 5, 2024,
- Updated Dec 5, 2024 11:40 AM IST
Shares of MSTC Ltd jumped 6 per cent in Thursday's trade after the PSU informed stock exchanges that its management has scheduled a one-on-one meeting with institutional investor Ramesh Damani on Monday, December 9.
A mini ratna category-1 CPSE, MSTC is primarily engaged in providing e-commerce related services across diversified sectors. At present, the government owns 64.75 per cent shareholding in the company. The stock rose 5.96 per cent to hit a high of Rs 771.30.
"It is hereby notified that a one-to-one meeting with an analyst/institutional investor namely Shri Ramesh Damani has been scheduled on Monday, 9 December, 2024 at 11:00 AM and with M/s. Modifi Investment Services Private Limited on Monday, 16" December, 2024 at 4:00 P.M. respectively, at the registered office of the company," MSTC said.
The schedule of the aforesaid meeting is subject to change. The changes may happen due to exigencies on the part of analyst, institutional investor or the company, MSTC said.
Damani owns over 1 per cent stake in companies such as Protean eGov Technologies Ltd, Goldiam International Ltd, Panama Petrochem Ltd and Vadivarhe Speciality Chemicals Ltd, as per publicly available data with Trendlyne. At last count, his stock portfolio was worth Rs 162 crore. He held 1.1 per cent stake in PSU Garden Reach Shipbuilders & Engineers Ltd at the end of June quarter but had no presence in shareholders' list with over 1 per cent stake in the PSU as on September 30.
Arihant Capital Markets in a November note said the GEM portal is owned by government and all government and PSU entities are mandated to source their requirement from GEM portal only. But due to unavailability of many high value items and basic service offerings, the players use MSTC.
MSTC offers end to end solutions -- advisory and other important roles) as well as extensive offerings on portal, it said.
"GEM Portal may not be able to reach the level at which MSTC is because they don’t have enough resources to expand. The company received exclusive order from BPCL marketing department for scrap sale. Expected full year order is worth Rs 100 crore (total scrap value). Revenues to start coming in from Q4," it said.
It said the company is in talks with Coal India and other coal players to use MSTC portal. MSTC added a lot of pre and post auctioning activities in mineral block auctions for assistance of all players, with contribution of private sector standing at 10-12 per cent in Q2.
"MSTC is working in the right direction but the growth still seems to be troubled by competition. We will monitor the company’s performance going forward," Arihant Capital Markets said.
Shares of MSTC Ltd jumped 6 per cent in Thursday's trade after the PSU informed stock exchanges that its management has scheduled a one-on-one meeting with institutional investor Ramesh Damani on Monday, December 9.
A mini ratna category-1 CPSE, MSTC is primarily engaged in providing e-commerce related services across diversified sectors. At present, the government owns 64.75 per cent shareholding in the company. The stock rose 5.96 per cent to hit a high of Rs 771.30.
"It is hereby notified that a one-to-one meeting with an analyst/institutional investor namely Shri Ramesh Damani has been scheduled on Monday, 9 December, 2024 at 11:00 AM and with M/s. Modifi Investment Services Private Limited on Monday, 16" December, 2024 at 4:00 P.M. respectively, at the registered office of the company," MSTC said.
The schedule of the aforesaid meeting is subject to change. The changes may happen due to exigencies on the part of analyst, institutional investor or the company, MSTC said.
Damani owns over 1 per cent stake in companies such as Protean eGov Technologies Ltd, Goldiam International Ltd, Panama Petrochem Ltd and Vadivarhe Speciality Chemicals Ltd, as per publicly available data with Trendlyne. At last count, his stock portfolio was worth Rs 162 crore. He held 1.1 per cent stake in PSU Garden Reach Shipbuilders & Engineers Ltd at the end of June quarter but had no presence in shareholders' list with over 1 per cent stake in the PSU as on September 30.
Arihant Capital Markets in a November note said the GEM portal is owned by government and all government and PSU entities are mandated to source their requirement from GEM portal only. But due to unavailability of many high value items and basic service offerings, the players use MSTC.
MSTC offers end to end solutions -- advisory and other important roles) as well as extensive offerings on portal, it said.
"GEM Portal may not be able to reach the level at which MSTC is because they don’t have enough resources to expand. The company received exclusive order from BPCL marketing department for scrap sale. Expected full year order is worth Rs 100 crore (total scrap value). Revenues to start coming in from Q4," it said.
It said the company is in talks with Coal India and other coal players to use MSTC portal. MSTC added a lot of pre and post auctioning activities in mineral block auctions for assistance of all players, with contribution of private sector standing at 10-12 per cent in Q2.
"MSTC is working in the right direction but the growth still seems to be troubled by competition. We will monitor the company’s performance going forward," Arihant Capital Markets said.