NMDC gains on higher iron ore production & despatches in Q1

NMDC rose 0.73% to Rs 186.05 at 10:18 IST on BSE after the company reported rise in iron ore production and despatches in Q1 June 2014 over Q1 June 2013.

Meanwhile, the BSE Sensex was up 50.62 points, or 0.2%, to 25,872.83

On BSE, so far 29,668 shares were traded in the counter, compared with an average volume of 3.14 lakh shares in the past one quarter.

The stock hit a high of Rs 186.80 and a low of Rs 185.50 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 92.65 on 6 August 2013.

The stock had underperformed the market over the past one month till 3 July 2014, rising 2.21% compared with 3.88% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 30.99% as against Sensex's 14.73% rise.

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

On a provisional basis, NMDC said that total iron ore production rose 13.48% to 78.54 lakh tonne in Q1 June 2014 over Q1 June 2013. Despatches rose 16.65% to 85.85 lakh tonne in Q1 June 2014 over Q1 June 2013.

Meanwhile, NMDC kept price of iron ore unchanged for July 2014. NMDC said it has rolled over the June 2014 price of lump ore (Rs 4600 per tonne) and fines (Rs 3160 per tonne) to the month of July 2014. The company reviews prices every month.

NMDC's net profit surged 33.9% to Rs 1962.14 crore on 18.8% growth in total income to Rs 4457.51 crore in Q4 March 2014 over Q4 March 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 March 2014).

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