NMDC rises after decent production in December

NMDC reported 6.46% increase in iron ore production to 3.13 million tonnes in December 2019 as against 2.94 million tonnes in November 2019.

The figures were disclosed on Wednesday, 1 January 2020. NMDC fell 0.47% to Rs 128.35 on Wednesday.

The stock was currently trading higher by 1.56% at Rs 130.35.

The company's total iron ore production in December 2019 was 3.13 million tonnes as compared to 3.1 million tonnes in December 2018, recording a rise of 0.97%.

Total iron ore sales rose 7.04% to 3.04 million tonnes in December 2019 as against 2.84 million tonnes in December 2018.

NMDC has jumped 23.55% in last one month as compared to a 7.29% rise in Nifty Metal index. The stock continues to trade above its 20 and 50 days simple moving averages placed at 119.69 and 111.21 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 30 September 2019, the Government of India holds 72.28% stake in the mining company.

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