NMDC Steel climbs 10% in two days

NMDC Steel ("NSL") hit an upper circuit of 5% at Rs 33.30, rising for the second straight session post listing on Monday, 20 February 2023.

Shares of NSL have risen over 10% in two days. The stock entered the stock exchanges on Monday, 20 February 2023. It was listed at Rs 30.25 per share. Later it hit an upper circuit of 5% to settle at Rs 31.75 that day. NSL's current market capitalisation on the BSE stands at Rs 9,758.92 crore.

The scrip will be in Trade-for-Trade (T2T) segment for the first 10 trading days. T2T stocks are not eligible for intraday trading.

NSL demerged from state-run miner NMDC in October 2022. Shareholders were allotted one share of NSL for each NMDC equity share held.

NSL was incorporated on 2 January 2015, as a Special Purpose Vehicle (SPV), wholly owned by NMDC. It is in the process of setting up 3.0 MTPA integrated steel plant at Nagarnar in the district of Bastar of Chhattisgarh state. Presently this project is in advance stage of construction. Currently, the government holds a 60.79% stake in the company.

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