NMDC drops on buzz of government's stake sale plans

NMDC fell 0.83% to Rs 137.10 at 13:02 IST on BSE on reports the government invited bids from bankers yesterday, 21 January 2015 to manage its 10% stake sale in the company.

Meanwhile, the S&P BSE Sensex was up 84.76 points or 0.29% at 28,973.62.

On BSE, so far 3.63 lakh shares were traded in the counter as against average daily volume of 4.12 lakh shares in the past one quarter.

The stock was volatile. The stock fell as much as 1.66% at the day's low of Rs 135.95 so far during the day. The stock rose as much as 1.12% at the day's high of Rs 139.80 so far during the day. The stock hit a 52-week high of Rs 196.15 on 6 June 2014. The stock hit a 52-week low of Rs 123.10 on 12 March 2014.

The stock had underperformed the market over the past one month till 21 January 2015, sliding 1.71% compared with the Sensex's 5.54% rise. The scrip had also underperformed the market in past one quarter, declining 15.11% as against Sensex's 8.7% rise.

The large-cap company has equity capital of Rs 396.47 crore. Face value per share is Re 1.

NMDC's net profit rose 18.8% to Rs 1566.75 crore on 25.2% growth in net sales to Rs 3102.24 crore in Q2 September 2014 over Q2 September 2013.

State-run NMDC is India's single largest iron ore producer and exporter. The Government of India (GoI) holds 80% stake in NMDC (as per the shareholding pattern as on 31 December 2014).

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