MTL director buys stock worth 16 million

In a notification sent to the PSX on 03/04/2024, Millat Tractors Limited (MTL) reported a transaction by one of its directors.

The transaction was carried out by Laeeq ud din Ansari, who is a non-executive Director.

He bought a total of 28,155 shares of the company at a price of Rs. 585.50 per share.

The total amount for this transaction stands at Rs. 16,484,752.5.

An insider buying stock in a company is often interpreted as a positive signal by investors. It suggests that those with intimate knowledge of the company’s operations and prospects believe the stock is undervalued or poised for growth, leading to a positive impact on the stock price.

MTL shares were last trading at Rs. 587.16 today.