NMDC shares dip 3% on disappointing Q1 earnings

Shares of iron ore miner NMDC today fell by 3 per cent after the company reported a massive 47 per cent decline in net profit for the April-June quarter of the current fiscal.
NMDC's scrip went down by 3.01 per cent to end at Rs 99.90 on the BSE. During the day, it slipped 4.85 per cent to Rs 98 -- its 52-week low.
On NSE, shares of the company fell by 3 per cent to Rs 99.85 at close.
NMDC yesterday reported a massive 47 per cent decline in its net profit at Rs 1,010 crore for the April-June quarter of the current fiscal, hit by subdued demand which impacted ore sales.

NMDC had reported a net profit of Rs 1,915.01 crore in the corresponding quarter of 2014-15.
Its total income from operations declined by a huge 48 per cent to Rs 1,806.43 crore during the quarter under review as against Rs 3,476.73 crore in a year-ago period, NMDC had said in a BSE filing.
The company incurred total expenses to the tune of Rs 743.86 crore in the first quarter over Rs 1,114.63 crore in the corresponding quarter of last fiscal.