NMDC gains after hiking iron ore prices

NMDC rose 1.67% to Rs 94.45 at 14:31 IST on BSE after raising iron ore lump prices.

The announcement was made after market hours on Friday, 11 March 2016.

Meanwhile, the BSE Sensex was up 99.21 points, or 0.40%, to 24,817.20.

On BSE, so far 4.02 lakh shares were traded in the counter, compared with an average volume of 3.65 lakh shares in the past one quarter. The stock hit a high of Rs 95.90 and a low of Rs 93.90 so far during the day. The stock hit a 52-week high of Rs 139.40 on 13 April 2015. 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 11 March 2016, rising 17.15% compared with 7.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.69% as against Sensex's 1.30% fall.

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 has raised the lump price by 8.33% to Rs 1,950 per tonne effective Friday, 11 March 2016. The state-run firm also raised prices for iron ore fines by 9.62% to Rs 1,710 per tonne.

NMDC's net profit fell 58.9% to Rs 655.04 crore on 48.5% decline in net sales to Rs 1517.04 crore in Q3 December 2015 over Q3 December 2014.

The Government of India (GoI) holds 80% stake in NMDC (as per the shareholding pattern as on 31 December 2015). NMDC is India's single largest iron ore producer, presently producing about 30 million tonnes of iron ore from 3 fully mechanized mines.

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