NMDC slides after announcing dismal Q1 numbers

NMDC dropped 1.28% to Rs 99.90 at 14:50 IST on BSE after the company posted 29.94% fall in net profit to Rs 711.34 crore on 10.38% decline in total income to Rs 2065.82 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours on Friday, 12 August 2016. The stock markets remained closed yesterday, 15 August 2016 on account of holiday.

Meanwhile, the S&P BSE Sensex was down 160.90 points or 0.57% at 27,988.71.

On BSE, so far 1.19 lakh shares were traded in the counter as against average daily volume of 2.99 lakh shares in the past two weeks. The stock hit a high of Rs 101.35 and a low of Rs 99.50 so far during the day. The stock had hit a 52-week high of Rs 105.50 on 19 October 2015. The stock had hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had outperformed the market over the past one month till 12 August 2016, rising 4.6% compared with 1.24% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 11.7% as against the Sensex's 9.16% rise.

The large-cap company has equity capital of Rs 396.47 crore. Face value per share is Re 1.

Separately, NMDC announced during market hours today, 16 August 2016 that on provisional basis, total production stood at 9.55 million tonnes and total sales stood at 10.2 million tonnes in July 2016.

NMDC is India's largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 80% stake in NMDC as on 30 June 2016.

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