Mumbai: State-run commodity trading firm MMTC has become the country’s most valued public sector firm, toppling oil exploration major Oil and Natural Gas Corporation from this position.
The market capitalization of MMTC rose to Rs2.71 trillion on the Bombay Stock Exchange in mid-day trade, the second highest across all private and public sector firms after Reliance Industries which has a market cap of Rs3.97 trillion.
The shares of MMTC surged 5% on BSE to touch its upper circuit limit of Rs56,931.50. It later closed at Rs55031.40.
While shares of ONGC declined 4.63% and touched an intra-day low of Rs1,168. ONGC closed at Rs1181.35 on BSE.
ONGC has become the third most valued firm on the Bombay Stock Exchange with a market capitalisation of Rs2.64 trillion.
Another State-owned power major NTPC had an market capitalization of Rs1.99 trillion and was ranked fourth in the list, whereas NMDC with a market cap of Rs1.87 trillion managed the fifth position.
In the list of top five most valued firm, there are four PSU companies — MMTC, ONGC, NTPC and NDMC and only one private sector firm, Reliance Industries.
MMTC is a leading international trading company, and the first public sector enterprise to be accorded the status of “five star export house” by the Government of India for long standing contribution to exports. It is also the largest non-oil importer in India.