NMDC gains on appointing Amitava Mukherjee as interim CMD

NMDC rose 1.62% to Rs 116.30 after the company announced that Amitava Mukherjee, director (finance) has been assigned the additional charge of chairman and managing director (CMD) for a period of 3 months upto 31 May 2023.

Amitava Mukherjee will continue as CMD upto 31 May 2023 or till regular incumbent joins the post, or until further orders, whichever is the earliest, said NMDC.

Mukherjee belongs to the 1995 Batch of Indian Railway Accounts Service (IRAS). He is also cost accountant and holds Master's Degree in Commerce. Prior to joining NMDC, he was general manager (finance) in Rail Vikas Nigam (RVNL). During his service in IRAS from 19967 -2016, he held key position in the Eastern Railways.

Meanwhile, Sumit Deb, chairman and managing director of NMDC is relieved from the services of the company on 28 February 2023 on attaining the age of superannuation. Accordingly, he ceased to be a director on the board of the company with effect from 1 March 2023.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of 31 December 2022, the Government of India held 60.79% stake in the firm.

The company reported 56.6% drop in standalone net profit to Rs 890.09 crore on 36.7% decline in revenue from operations to Rs 3,719.99 crore in Q3 FY23 over Q3 FY22.

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