NMDC rises after decent production, offtake in March

Shares of NMDC rose 0.61% to Rs 139.25 after the state-owned miner's iron ore sales climbed 51.11% to 4.08 million tonnes (MT) in March 2021 from 2.70 MT in March 2020.

NMDC's iron ore production jumped 65.57% to 4.57 million tonnes (MT) in March 2021 from 2.76 MT in March 2020.

Sequentially, NMDC's production rose 18.39% while sales rose 25.54% in March 2021 over February 2021.

Meanwhile, the PSU mining company on Saturday announced an increase in lump ore prices by Rs 500, or 9.35%, to Rs 5,850 per tonne on 3 April 2021 from Rs 5,350 per tonne set on 21 March 2021.

Prices of fines were hiked by Rs 250, or 5.8%, to Rs 4560 per tonne on 3 April 2021 from Rs 4,310 per tonne set on 21 March 2021.

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 on 31 December 2020, Government of India held 69.65% stake in the company.

The company reported 54.75% jump in consolidated net profit to Rs 2157.81 crore on a 44.86% rise in sales to Rs 4355.10 crore in Q3 FY21 over Q3 FY20.

Meanwhile, the S&P BSE Sensex tumbled 1286.44 points or 2.57% to 48,743.39 amid broad based sell off.

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