MMTC shares surge 14 per cent ahead of Q2 earnings numbers

NEW DELHI: Shares of MMTC saw a 14 per cent spurt to hit a 52-week high in Wednesday’s trade ahead of its September quarter results scheduled for release on Thursday.

The stock rose 14.07 per cent to hit a one-year high of Rs 56.75 on BSE. This was the third day of successive gains for the stock.

Recently, the government rolled back 1 per cent excise duty on branded gold coins being levied since 2011.

The Central Board of Excise and Customs ( CBEC) last week said the excise duty would be nil on gold coins of purity 99.5 per cent and above, bearing a brand name when manufactured from gold on which appropriate duty of customs or excise has been paid.

MMTC had been making gold coins under the government’s gold monetisation scheme (GMS) and was subject to one per cent excise duty.
There were reports that the state-run trader was looking to strengthen marketing network for selling gold coins by tying up with India Post, SBI and ICICI Bank.