 "NMDC rallies on signing pact for minerals exploration in Madhya Pradesh")
NMDC has moved higher to its 52-week high of Rs 132, up 7% on BSE, after the company announced signing of a tripartite pact with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation Ltd (MPSMCL) for geological and geophysical exploration for various minerals in the state.
The MoU is for geological and geophysical exploration of various minerals in Madhya Pradesh.
As per the MoU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a JV with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks, NMDC said in a statement.
Thus far in October, the stock outperform the market by surging 23% post closure of share buyback offer. The S&P BSE Sensex was up marginally by 0.11% during the same period.
The trading volumes on the counter more than doubled with a combined 6.09 million shares changed hands on the BSE and NSE till 12:56 pm.
The MoU is for geological and geophysical exploration of various minerals in Madhya Pradesh.
As per the MoU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a JV with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks, NMDC said in a statement.
Thus far in October, the stock outperform the market by surging 23% post closure of share buyback offer. The S&P BSE Sensex was up marginally by 0.11% during the same period.
The trading volumes on the counter more than doubled with a combined 6.09 million shares changed hands on the BSE and NSE till 12:56 pm.
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