NMDC gains after raising iron ore prices

NMDC rose 3.90% to Rs 115.80 at 11:23 IST on BSE after the company increased iron ore prices with effect from 5 October 2016.

The announcement was made after market hours yesterday, 5 October 2016.

Meanwhile, the BSE Sensex was up 91.84 points, or 0.33%, to 28,312.82.

On BSE, so far 4.79 lakh shares were traded in the counter, compared with average daily volume of 3.41 lakh shares in the past one quarter. The stock hit a high of Rs 116.35 and a low of Rs 113.20 so far during the day. The stock hit a 52-week high of Rs 116.70 on 8 September 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 30 days till 5 October 2016, rising 4.16% compared with 2.61% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.46% as against Sensex's 3.75% rise.

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

NMDC said it raised lump ore prices by 23.53% to Rs 2,100 per wet metric tonne (WMT) in October 2016 compared with Rs 1,700 per WMT in September 2016. Price of fines was raised by 20.55% to Rs 1,760 per WMT in October 2016 compared with Rs 1,460 per WMT in September 2016.

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 80% stake in NMDC as on 30 June 2016.

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