NMDC slips after revision of iron ore prices

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NMDC fell 0.62% to Rs 96.15 at 9:18 IST on BSE after the company reduced prices of iron ore with effect from 1 December 2018.

The announcement was made after market hours yesterday, 3 December 2018.

Meanwhile, the S&P BSE Sensex was down 53.22 points, or 0.15% to 36,187.78.

On the BSE, 7272 shares were traded in the counter so far compared with average daily volumes of 1.97 lakh shares in the past two weeks. The stock had hit a high of Rs 96.25 and a low of Rs 95.40 so far during the day. The stock hit a 52-week high of Rs 162.55 on 8 January 2018. The stock hit a 52-week low of Rs 92.90 on 29 November 2018.

NMDC reduced prices of high grade iron ore (lumps) by Rs 300 to Rs 3550 per tonne for the current month. The state-run firm has also cut the prices for iron ore fines, which are inferior grade ore, by Rs 200 to Rs 3,110 per tonne for December 2018.

Net profit of NMDC declined 24.63% to Rs 636.37 crore on 0.69% rise in net sales to Rs 2437.92 crore in Q2 September 2018 over Q2 September 2017.

NMDC is India's single largest iron ore producer, presently producing about 30 million tonnes of iron ore from 3 fully mechanized mines viz., Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh State) and Donimalai Iron Ore Mines (Karnataka State).

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