NMDC gains on good production and dispatches of iron ore

NMDC rose 1.15% to Rs 140.75 at 14:41 IST on BSE after the company said that its total iron ore production and dispatches rose in nine months ended 31 December 2013 over nine months ended 31 December 2012.

The company made the announcement during market hours today, 13 January 2014.

Meanwhile, the BSE Sensex was up 285.19 points, or 1.37%, to 21,043.68

On BSE, 87,713 shares were traded in the counter compared with average volume of 1.82 lakh shares in the past one quarter.

The stock hit a high of Rs 141.95 and a low of Rs 138.10 so far during the day. The stock hit a 52-week high of Rs 166.80 on 10 January 2013. The stock hit a 52-week low of Rs 92.65 on 6 August 2013.

The stock had outperformed the market over the past one month till 10 January 2014, sliding 2.01% compared with the Sensex's 2.34% fall. The scrip also outperformed the market in past one quarter, rising 6.26% as against Sensex's 2.4% rise.

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

NMDC said that the company's total iron ore production rose 14.79% to 20.17 million tonnes in nine months ended 31 December 2013 over nine months ended 31 December 2012. Total iron ore dispatches rose 16.18% to 21.25 million tonnes in nine months ended 31 December 2013 over nine months ended 31 December 2012.

Meanwhile, NMDC fixed prices of iron ore lumps at Rs 4500/WMT and that of iron ore fines at Rs 2810/WMT for January 2014. The said prices for January 2014 were unchanged from the level in December 2013, NMDC said.

NMDC's net profit declined 21.5% to Rs 1318.36 crore on 5.5% fall in total income to Rs 3018.29 crore in Q2 September 2013 over Q2 September 2012.

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 2013).

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