NMDC turns volatile after Q2 earnings

NMDC lost 0.47% to Rs 170.05 at 9:35 IST on BSE after net profit rose 19% to Rs 1567 crore on 25% growth in sales turnover to Rs 3105 crore in Q2 September 2014 over Q2 September 2013.

The Q2 result was announced after market hours on Friday, 31 October 2014.

Meanwhile, the S&P BSE Sensex was up 29.51 points or 0.11% at 27,895.34.

On BSE, so far 55,000 shares were traded in the counter as against average daily volume of 1.44 lakh shares in the past two weeks.

The stock was volatile. The stock lost as much as 0.67% at the day's low of Rs 169.70 so far during the day. The stock rose as much as 1.25% at the day's high of Rs 173 so far during the day.

NMDC's CMD Narendra Kothari said that the company is in the right path to achieve production and sales of iron ore of more than 32 million tonnes for this year and appreciated the efforts of the employees for displaying dertermined approach to achieve production of more than 50 million tonnes by 2018-19 to meet the rising demand of steel industry.

NMDC's board of directors at its meeting held on Friday, 31 October 2014, approved interim dividend of Rs 3 per share for the year ended 31 March 2015. The board has fixed 14 November 2014 as record date for the purpose of payment of interim dividend.

State-run NMDC is India's single largest iron ore producer and exporter. The Government of India (GoI) holds 80% stake in NMDC (as per the shareholding pattern as on 30 September 2014).

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