MMTC

** Shares of MMTC MMTC.NS down 3.8% at 59 rupees

** Stock has lost 11% for the week, and set for its worst week since last October

** The state-owned minerals exporter's third-quarter consol net profit plunges 93% Y/Y; rev from ops down 66% Y/Y

** MMTC stock gained 21% in 2024

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Housing and Urban Development Corp HUDC.NS, mineral exporter MMTC MMTC.NS and infra developer NBCC (India) NBCC.NS fall between 2.5% to 4%

** Indian govt to suspend privatization plans, including potential sale, for the three state-run firms, Reuters reports

** Privatization of these cos faced opposition from relevant ministries, report adds

** Including session's losses, HUDC and NBCC have gained 25% and 12% respectively in last 12 months while MMTC has lost 15%

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Jan 27 (Reuters) - Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters.

Less than a month into 2025, New Delhi has plans to invest about $1.5 billion in financial rescue packages for two state-owned firms after failing to sell them to private companies.

It has also decided to put in "abeyance" privatisation of at least nine state-owned units after opposition from relevant ministries, according to a document that detailed recommendations of a government panel set up to identify privatisation candidates. The document, reviewed by Reuters, did not cite reasons for the decision.

The nine companies include Madras Fertilizers MDFT.NS, Fertilizer Corp of India, MMTC MMTC.NS and NBCC (India) NBCC.NS, the document showed.

Housing and Urban Development Corp HUDC.NS, that was also identified for privatisation, has now been 'exempted' implying it will not be sold, according to the document.

Among the state-owned companies being revived with government funding is helicopter operator Pawan Hans.

The government is planning to infuse around $230 million-$350 million in Pawan Hans to modernise its aging fleet of helicopters after four failed attempts to sell the company, two government sources said.

The amount of infusion is still being finalised as the options being considered for fleet modernisation include both outright acquisition and leasing, one of the sources said.

The sources declined to be identified because of the sensitivity of the issue.

India's finance and civil aviation ministries did not immediately reply to e-mails seeking comment on the privatisation plans or on the Pawan Hans investment.

The fund infusion in Pawan Hans and plans to halt the privatisation of nine firms have not been previously reported.

In 2021, Modi's government announced a major programme to privatise most of India's state-run companies. The plan was so drastic that even in the four sectors that India sees as sensitive, such as telecoms and banking, it wanted to keep only a minimum presence, while exiting from all other sectors.

But now it is planning rescue and revival plans for companies even outside the sensitive sectors.

Last week, the government announced a $1.3 billion plan to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL).

The government has also allocated 80 billion rupees in 2024/25 for bond repayments of state-run telco MTNL that has seen a series of defaults lately, according to budget documents for the current year.

PRIVATISATION SLOWDOWN

Four years since the privatisation policy was announced, the Modi government has had only three successes, out of which Air India's sale to the Tata Group was the largest. The other two were indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel TISC.NS and Ferro Scrap Nigam to Konoike Transport Co 9025.T.

Other large sales have either been deferred or delayed.

The U-turn in policy was partly driven by the expectation that some large state-owned firms could be overhauled and made more profitable, helping the government earn dividend income, Reuters has reported previously.

Political pressures on Modi have increased after he came back to power in mid-2024 only with the help of regional allies, making it more difficult to overcome opposition to privatisation by employee unions fearing job losses.

The sale of state refiner Bharat Petroleum Corp BPCL.NS was rolled back in 2022 after failing to get suitors. The ongoing privatisation of Shipping Corp of India SCI.NS and BEML BEML.NS has been stuck for years due to complications over transfer of land holdings. The government has also been dragging its feet on the sale of a majority stake in IDBI Bank IDBI.NS.

In previous years, privatisation formed an important part of the government’s plan to reduce its budget gap. But with the federal fiscal deficit seen falling to a more comfortable 4.9% of GDP in the 2024-25 year, the fiscal push for divestment has waned.

New Delhi is expected to miss its internal stake sale target of 180 billion to 200 billion rupees in 2024-25 (April-March) for the sixth straight year. As of January, government has mopped up 86.25 billion rupees via stake sales in 2024/25.

($1 = 86.4250 Indian rupees)

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Ira Dugal and Raju Gopalakrishnan)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Oct 31 (Reuters) - MMTC Ltd MMTC.NS:

• MMTC LTD - UNIT MTPL SINGAPORE RECEIVED ORDER FROM HIGH COURT OF SINGAPORE ON WINDING UP OF MTPL SINGAPORE

• MMTC LTD - FINAL ORDER OF HIGH COURT OF SINGAPORE IS STILL AWAITED

• MMTC LTD - ORDER IN CASE REGARDING DEFAULT MADE BY UNIT IN REPAYMENT OF COMMERCIAL TRANSACTIONS TO CREDITORS, BANKS

Source text for Eikon: ID:nBSE85Z2kB

Further company coverage: MMTC.NS

(([email protected];))

Oct 30 (Reuters) - MMTC Ltd MMTC.NS:

• UNIT MTPL SINGAPORE RECEIVED ORDER FROM HIGH COURT OF SINGAPORE ON WINDING UP OF THE UNIT

• FINAL ORDER ON MATTER OF WINDING UP OF UNIT IS STILL AWAITED

Source text for Eikon: ID:nBSE8Kwt6K

Further company coverage: MMTC.NS

(([email protected];))

** Shares of India-based trading co MMTC MMTC.NS rise as much as 13.3% to 79.95 rupees, highest since June 24, 2013

** Nearly 2.4 mln shares change hands in four blocks as of 2:33 p.m. IST between 70.9 rupees and 77.95 rupees apiece, at 0.5% and 10.5% premium to Thursday's close - LSEG data

** Stock on track to rise for fourth straight session, if trend holds

** Nearly 118.1 mln shares change hands as of 2:39 p.m. IST, 6.2x the 30-day moving average

** Stock last up 7%, taking YTD gains to 99.7%

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** Shares of mining companies MMTC MMTC.NS, NMDC NMDC.NS, Coal India COAL.NS, Moil MOIL.NS Gujarat Mineral Development Corp GMDC.NS, Hindustan Zinc HZNC.NS, Hindustan Copper HCPR.NS and National Aluminium Co NALU.NS rise between 2% and 20%

** MMTC up 20%, MOIL up 10%, NMDC up 6% and GMDC up 5%, respectively

** Shares rise after government approved royalty rates for mining strategic minerals lithium, niobium and rare-earth elements

** Approval to enable government to auction blocks for these minerals for the first time in India

** Royalty rate of 3% fixed on lithium and niobium, 1% for rare-earth elements

** Royalty rate is a crucial financial consideration for bidders in auction of blocks

** India currently conducting exploration for critical and strategic minerals

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

Sept 22 (Reuters) - MMTC Ltd MMTC.NS:

• INDIA'S MMTC JUNE-QUARTER CONSOL NET PROFIT 146.6 MILLION RUPEES VERSUS LOSS 1.22 BILLION RUPEES

• MMTC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 2.14 BILLION RUPEES VERSUS 15.11 BILLION RUPEES

Source text for Eikon: ID:nBSE9lQYXm

Further company coverage: MMTC.NS

(([email protected];;))

Sept 11 (Reuters) - MMTC Ltd MMTC.NS:

• UNIT GOT NOTICE FOR ITS LIQUIDATION, FILED BY UCO BANK BEFORE GENERAL DIVISION, HIGH COURT OF SINGAPORE

• NOTICE DUE TO DEFAULT MADE BY IT IN REPAYMENT OF ITS COMMERCIAL TRANSACTIONS

Further company coverage: MMTC.NS

(([email protected];))

** Shares of MMTC MMTC.NS fall as much as 5% to 35.6 rupees, their lowest level since July 31

** Stock on track for a second consecutive session of losses

** Co on Monday said SEBI cancelled its registration as a stock broker for its involvement in illegal 'paired contract' in a case pertaining to defunct National Spot Exchange

** More than 2.5 mln shares change hands by 12:00 p.m. IST, 0.5x 30-day avg

** Stock down around 5% YTD

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

May 30 (Reuters) - MMTC Ltd MMTC.NS:

• INDIA'S MMTC MARCH-QUARTER CONSOL PROFIT 98.5 MILLION RUPEES VERSUS PROFIT 1.23 BILLION RUPEES

• MMTC LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 7.08 BILLION RUPEES VERSUS 22.56 BILLION RUPEES

Further company coverage: MMTC.NS

(([email protected];))