NMDC hikes iron prices in Nov

The state-owned iron ore miner hiked prices of iron ore (lump ore and fines) with effect from Wednesday, 4 November 2020.

NMDC increased lump ore prices by 4.35% to Rs 3600 per tonne in November 2020 from Rs 3450 per tonne in October 2020. Prices of fines were hiked by 4.75% to Rs 3,310 per tonne in November 2020 as against Rs 3,160 per tonne in October 2020. The new rates came into effect from 4 November 2020.

The PSU miner's board will consider Q2 results and share buyback on 10 November 2020.

NMDC reported 54.67% slide in net profit to Rs 531.01 crore on 40.67% fall in total income to Rs 2,009.27 crore in Q1 June 2020 over Q1 June 2019.

Shares of NMDC were down 0.41% at Rs 85.05 on BSE. The stock came off early low of Rs 84.20 post announcement.

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 30 September 2020, the Government of India holds 69.65% stake in the mining company.

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