NMDC slips after cutting iron ore prices

NMDC slipped 3.48% to Rs 129.10 at 10:30 IST on BSE after the company reduced the prices of lump iron ore and fines with effect from 18 April 2015.

The announcement was made on Saturday, 18 April 2015.

Meanwhile, the BSE Sensex was down 164.18 points, or 0.58%, to 28,277.92.

On BSE, so far 1.01 lakh shares were traded in the counter, compared with an average volume of 2.38 lakh shares in the past one quarter.

The stock hit a high of Rs 130.20 and a low of Rs 127.70 so far during the day. The stock had hit a 52-week high of Rs 196.15 on 6 June 2014. The stock had hit a 52-week low of Rs 123 on 26 March 2015.

The stock had outperformed the market over the past one month till 17 April 2015, rising 3.32% compared with 1.02% fall in the Sensex. The scrip had however underperformed the market in past one quarter, declining 1.18% as against Sensex's 1.14% rise.

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

NMDC said that the price of lump iron ore was reduced to Rs 3,050 per wet metric tonne (WMT) from Rs 3,250/WMT in March 2015. The price of fines was slashed to Rs 1,960/WMT from Rs 2,460/WMT in March 2015.

NMDC's net profit rose 1.6% to Rs 1593.01 crore on 4.2% rise in total income to Rs 3471.19 crore in Q3 December 2014 over Q3 December 2013.

Incorporated in 1958 as a Government of India fully owned public enterprise. NMDC is under the administrative control of the Ministry of Steel, Government of India. Since inception the company is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.

The Government of India holds 80% stake in the firm as at 31 March 2015.

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