MMTC topples ONGC as most valuable PSU
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Oil and Natural Gas Corporation (ONGC) has lost its crown as the most valuable public sector firm. State-run commodity trading firm MMTC — which has not even found a place in the coveted A group of the BSE — has overtaken ONGC in terms of market capitalisation.
The market capitalisation of MMTC rose to Rs 275,157 crore on the Bombay Stock Exchange today, the second highest across all private and public sector firms after Reliance Industries which has a market cap of Rs 389,134 crore.
ONGC, one of the market leaders and listed on the A group, is now at the third spot with a market capitalisation of Rs 252,279 crore. MMTC shares — listed on the B2 group — surged five per cent on the BSE to touch its upper circuit limit of Rs 56, 931.50.
The scrip of the company settled at Rs 55,031.40, up 1.50 per cent at the end of today's trading. On the other hand, the shares of ONGC declined 5.43 per cent and touched an intra-day low of Rs 1,168. It ended the day at Rs 1, 179.50, down 4.78 per cent.
Another state-owned power major NTPC has a market capitalisation of Rs 209,022 crore and is ranked fourth in the list, whereas NMDC with a market cap of Rs 178, 517 crore is in the fifth position. This means four PSUs — MMTC, ONGC, NTPC and NDMC — figure in the top five in market cap ranking.
However, MMTC which has a low equity base of Rs 50 crore is a thinly traded scrip. Ditto is the case with NMDC which is listed on the Z group of the Bombay Stock Exchange.
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