NMDC gains on raising iron ore prices from Apr. 1

NMDC rose 1.57% to Rs 165.05 after the state-run firm intimated the bourses regarding a hike in prices of both, lump iron ore and iron fines, with immediate effect.

The company has fixed prices for lump iron ore (65.5%, 6-40 mm) at Rs 6,100 per ton and iron fines (64% - 10 mm) at Rs 5,160 per ton with effect from 1 April 2022.

On 8 March 2022, NMDC had increased the prices of both, lump iron ore and iron fines, by Rs 400 per tonne. The company fixed prices for lump iron ore (65.5%, 6-40 mm) at Rs 6,000 per ton and iron fines (64% - 10 mm) at Rs 4,960 per ton, last month.

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 2021, the Government of India held 60.79% stake in the firm.

NMDC reported a 2.8% fall in standalone net profit to Rs 2,050 crore in Q3 FY22 from Rs 2,108.9 crore posted in Q3 FY21. Net sales grew by nearly 35% to Rs 5,873.77 crore in Q3 FY22 from Rs 4,355 crore posted in Q3 FY21.

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