MMTC jumps 50% in five sessions, hits fresh 52-week high. Here's why

Shares of MMTC jumped more than 12% on Monday to hit their 52-week high of Rs 83.75 on the NSE amid a volume surge, as nearly 8 crore shares changed hands around 11 a.m. Today's rally takes the gains to nearly 50% as the stock remains unbeaten in five sessions.

Ruling out any fundamental trigger, analyst Sunny Agrawal, Deputy Vice President-Fundamental Research at SBI Securities said that all the mining and mineral stocks rallied purely based on expectations of winning mining/trading rights for lithium and diamond.

Last week, the government gave its nod to royalty rates of 3% each for lithium and niobium mining and 1% for Rare Earth Elements (REEs).


Despite a lackluster trade, most mining stocks were trading in the green. Nifty constituent Coal India was up 1.36%, while The Orissa Minerals Development Company, Gujarat Mineral Development Corporation (GMDC), NMDC, Hindustan Zinc, Vedanta and MOIL gained between 4.50% and 0.22%.

Orissa Minerals, GMDC, and NMDC also hit their 52-week high levels.

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