MTL reports insider transactions worth over Rs. 17 million in current week

In multiple notification sent to the PSX during the current week, Millat Tractors Limited (MTL) reported a transaction by the non-executive director.

The transaction was carried out by Qaiser Saleem, who is a non-executive director.

He bought a total of 29,153 shares of the company at a price of Rs. 605.75 per share on average. The total amount for this transaction stands at Rs. 17,659,429.75.

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. 598.68 today.