NMDC drops after keeping iron ore prices unchanged for November

NMDC dropped 4.32% to Rs 127.60 at 12:00 IST on BSE after the company announced that it has kept prices of iron ores unchanged with effect from 3 November 2016 compared with prices in October 2016.

The announcement was made after market hours yesterday, 3 November 2016.

Meanwhile, the BSE Sensex was down 92.34 points, or 0.34%, to 27,337.94.

On BSE, so far 3.97 lakh shares were traded in the counter, compared with average daily volume of 3.85 lakh shares in the past one quarter. The stock hit a high of Rs 134.80 and a low of Rs 125.60 so far during the day. The stock hit a 52-week high of Rs 142.65 on 2 November 2016. The stock hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had outperformed the market over the past one month till 3 November 2016, advancing 22.96% compared with 2.88% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 33.08% as against Sensex's 0.96% fall.

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

NMDC announced that it has kept unchanged price of lump iron ore at Rs 2,100 per wet metric tonne and price of fines iron ore at Rs 1,760 per wet metric tonne with effect from 3 November 2016, compared with their respective prices in October.

Net profit of NMDC declined 29.9% to Rs 711.34 crore on 4.7% decline in net sales to Rs 1720.65 crore in Q1 June 2016 over Q1 June 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 14 October 2016.

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