“Larsen and Toubro has appointed MSTC
as the selling agent as per the terms of selling agency agreement entered by both the parties on October 29, 2019 for the sale of scrap and rejected/condemned/obsolete secondary arising (ferrous and non-ferrous) as well as surplus obsolete stores, equipments and misc. articles etc. for buildings and factories IC of L&T in India through MSTC’s e-Auction website,” MSTC
said in a regulatory filing on Wednesday after market hours.
The contract will remain valid till its termination by giving advance notice of 1 month, it added.
In a separate filing, MSTC today announced that the company has entered into a Memorandum of Understanding (MOU) with Burn Standard Co for e-Auction services for sale of movable assets and immovable assets. The agreement shall remain valid up to March 31, 2021 until it is terminated by either party by giving three months notice, it added.
MSTC had raised Rs 226 crore through its initial public offering (IPO) at a price of Rs 120 per share. The company specialises in international trade of ferrous input materials and imports millions of tons of ferrous melting scrap, old ships for breaking, sponge iron, hot briquetted iron, re-rollable scrap etc.
At 11:51 am, the stock was trading 17 per cent higher at Rs 144 on the BSE, against a 0.17 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped nearly five-fold with a combined 2.7 million shares changing hands on the BSE and NSE so far.