NMDC drops after reducing iron ore prices

NMDC declined 0.18% to Rs 137.80 at 13:00 IST on BSE after the company reduced iron ore prices for March 2015 over February 2015.

The announcement was made during market hours today, 3 March 2015.

Meanwhile, the BSE Sensex was up 79.23 points, or 0.16%, to 29,507.76.

On BSE, so far 1.22 lakh shares were traded in the counter, compared with an average volume of 4.89 lakh shares in the past one quarter.

The stock hit a high of Rs 86.75 and a low of Rs 85.55 so far during the day. The stock hit a 52-week high of Rs 115.25 on 9 June 2014. The stock hit a 52-week low of Rs 74.45 on 5 March 2014.

The stock had underperformed the market over the past one month till 2 March 2015, falling 5.55% compared with 1.16% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 5.18% as against Sensex's 3.57% rise.

The large-cap PSU iron ore miner has an equity capital of Rs 270.46 crore. Face value per share is Re 1.

NMDC has fixed iron ore prices for the month of March 2015. Lump iron ore prices dropped 13.33% to Rs 3,250 per wet metric tonnes (wmt) in March 2015 over February 2015 and fine iron ore prices declined 10.86% to Rs 2,460 per WMT in March 2015 over February 2015.

As per provisional data announced by NMDC, its iron ore production rose 5.29% to 27.82 million tonnes in eleven months ended February 2015 over eleven months ended February 2014. Iron ore sales rose 0.44% to 27.25 million tonnes in eleven months ended February 2015 over eleven months ended February 2014.

NMDC's net profit rose 1.6% to Rs 1593.01 crore on 4.2% rise in total income to Rs 3471.19 crore in Q3 December 2014 over Q3 December 2013.

The Government of India holds 80% stake in the firm as at 31 December 2014.

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