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Govt of India cuts stake in NMDC by 2.63%

Capital Market 

NMDC in an exchange filing during market hours today notified that the Government of India sold 8.05 crore equity shares, or 2.63% stake, in the company.

The divestment which was completed on 3 February 2020 was made off market to Nippon Life India Asset Management which manages CPSE ETF mutual fund scheme.

Consequently, the government holds 69.65% stake in NMDC as compared to 72.28% stake held previously.

On a consolidated basis, NMDC's net profit declined 11.2% to Rs 1394.40 crore in Q3 December 2019 (Q3 FY20) as against Rs 1569.77 crore reported in Q3 December 2018 (Q3 FY19). Net sales fell 17.6% year-on-year (YoY) to Rs 3006.38 crore in Q3 December 2019.

Shares of NMDC were trading 0.44% higher at Rs 113.3.

NMDC is the largest iron ore producer by volume in India. The company is engaged in the exploration of a range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite and beach sands.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 14:53 IST