NMDC iron production in Feb slides 3% YoY

NMDC's total iron ore production in February 2020 was 3.24 million tonnes as against 3.34 million tonnes in February 2019, recording a fall of 2.99%.

On a sequential basis, NMDC reported 2.11% fall in iron ore production from 3.31 million tonne reported in January 2020.

Total iron ore sales declined 17.8% to 2.91 million tonnes in February 2020 as against 3.54 million tonnes in February 2019. On a sequential basis, total sales declined 1.69% in February 2020 as against January 2019.

Shares of NMDC were up 0.16% at Rs 91.55. NMDC has declined 12.89% in last one month as compared to a 8.17% fall in Nifty Metal index. The stock continues to trade above its 20 and 50 days simple moving averages placed at 105.44 and 117.91 respectively.

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 2019, the Government of India holds 72.28% stake in the mining company.

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