NMDC drops after announcing weak Q4 results

NMDC declined 1.84% to Rs 90.80 at 11:25 IST on BSE after net profit dropped 58.95% to Rs 552.93 crore on 44.63% fall in total income to Rs 1967.94 crore in Q4 March 2016 over Q4 March 2015.

The announcement was made after market hours on Friday, 27 May 2016.

Meanwhile, the BSE Sensex was up 57.28 points, or 0.21%, to 26,708.72.

On BSE, so far 73,990 shares were traded in the counter, compared with an average volume of 2.9 lakh shares in the past one quarter. The stock hit a high of Rs 93.30 and a low of Rs 90.20 so far during the day. The stock hit a 52-week high of Rs 133 on 28 May 2015. The stock hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had underperformed the market over the past one month till 27 May 2016, falling 6.38% compared with Sensex's 2.26% gains. The scrip had, however, outperformed the market in past one quarter, gaining 15.7% as against Sensex's 15.11% gains.

The large-cap state-run iron ore miner has an equity capital of Rs 396.47 crore. Face value per share is Re 1.

NMDC said that the company has incorporated a subsidiary company NMDC-Sail on 23 May 2016 in order to develop, explore, etc. sale/supply of iron ore from the allocated mining resource in Chhattisgarh. NMDC will hold 51% while Sail will hold 49% stake in the subsidiay.

The Government of India (GoI) holds 80% stake in NMDC (as per the shareholding pattern as on 31 March 2016). NMDC is an iron ore mining company.

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