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Live Chart -MMTC Ltd
BSE: 513377 | NSE: MMTC | ISIN: INE123F01029 Market Cap: [Rs.Cr.] 76,475 | Face Value: [Rs.] 1 Industry: TradingMMTC Limited (MMTC) is one of the two highest foreign exchange earners for India and a leading international trading company was incorporated on 26th September 1963. A 'Five Star Export House' status company is engaged in trading of Minerals, Precious Metals, Metals, Coal & Hydro Carbons, Fertilizers and Agro products. MMTC's diverse trade activities encompass Third Country Trade, Joint Ventures and Link Deals, all modern day tools of international trading. The Company has vast international trade network, which includes a wholly owned international subsidiary in Singapore, also spans almost in all countries in Asia, Europe, Africa, Oceania and Americas.
The Company had commenced its operation on 1st October of the incorporation year itself. MMTC made a foray into European market with the exports of one lakh tonnes of iron ore to Slovakia and Romania in the year of 1994. Also in the same year, the company had commenced import of gold and silver against special import license for supply to the customers in the domestic area. The wholly owned subsidiary MMTC Transnational Pte Ltd, Singapore was incorporated under the control of company in the year 1994 itself. During the year 1995, MMTC opened a duty-free jewellery show room at Sahar International Port and a Memorandum of Understanding was signed with the government of Orissa for development of existing Gopalpur minor port into a all-weather, deep water and direct berthing port. In the same year, Board for Industrial & Financial Reconstruction (BIFR) had approved the scheme of merger-cum-amalgamation of Mica Trading Corporation of India Limited (MITCO) with MMTC. From the year 1996 onwards, the company started to import the Chemical items and Homeopathic Medicines.
MMTC had signed a MoU with the Department of Commerce under Ministry of Commerce and Industry during the year 2001 for its various applications. The Company had opened a new outlet at Thiruvananthapuram as a duty free business in the year of 2002 and also in the same year unveiled a new line of silverware, Sanchi-Silver in Style. During the year 2003, MMTC had acquired Rs. 800 crore deals from Japanese and South Korean companies for the supply of iron ore. In the identical year of 2003, the joint venture with the Orissa government namely Neelchal Ispat Nigam Ltd was emerged as the second largest exporter of pig iron from the country. The Company was ranked in Trading Sector by Business Standard in their publication BS 1000 'India's Corporate Giants' released in December 2006 and also noted as Top Company in the trading sector for the D&B by coveted American Express Corporate Award 2006.
MMTC bagged a gold trophy for top Exporter for the Year 2006-07 in Merchant Exporter category by Engineering Export Promotion Council of India (EEPC) and also CAPEXIL highest export award for highest export of minerals for the year 2006-07, (16th time in a row). The 15 MW wind farms of the company were commissioned in March of the year 2007 at Karnataka. In The year 2007, MMTC had received government approval for acquiring an equity stake in the consortium, which has undertaken the project for construction of a permanent iron ore-loading berth at Ennore to decongest Chennai port.
Aiming at diversification and with a view to add value to its existing trading operations, the company has undertaken various strategic initiatives during the year 2007-08 following public- private partnership route, effectively integrating vertically, both backwards and forwards, to encompass the entire gamut of the product process starting from the stage of manufacture and ending with distribution to the ultimate consumer. The Company had inked an agreement with Swiss metal company PAMP to set up a gold refinery in Sohna during March of the year 2008.
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