NMDC crawls up after keeping iron ore prices flat for April

NMDC rose 1.98% to Rs 136.25 at 11:45 IST on BSE after the company said that it has kept its iron ore prices unchanged for April 2017 compared with March 2017.

The announcement was made after market hours on Monday, 3 April 2017.

Meanwhile, the S&P BSE Sensex was up 32.81 points or 0.11% at 29,943.03.

On the BSE, 1.5 lakh shares were traded on the counter so far as against the average daily volumes of 3.22 lakh shares in the past one quarter. The stock had hit a high of Rs 136.80 and a low of Rs 134.50 so far during the day. The stock had hit a 52-week high of Rs 152.50 on 2 March 2017 and a 52-week low of Rs 85.30 on 2 June 2016.

The stock had underperformed the market over the past one month till 3 April 2017, falling 8.62% compared with the Sensex's 3.74% rise. The scrip had also underperformed the market over the past one quarter, gaining 2.57% as against the Sensex's 12.26% rise.

The large-cap company has equity capital of Rs 316.39 crore. Face value per share is Re 1.

NMDC said that its lump ore prices were kept constant at Rs 2425 per wet metric tonne (WMT) in April 2017. Price of fine iron ore kept unchanged at Rs 2185 per WMT for April 2017.

NMDC's net profit rose 41.33% to Rs 595.16 crore on 64.6% growth in net sales to Rs 2497.86 crore in Q3 December 2016 over Q3 December 2015.

NMDC is India's largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 74.94% stake in NMDC as on 31 December 2016.

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