NMDC adds over 5% in two days

NMDC rose 3.70% to Rs 120.65, extending gains for second day, after the state-owned miner reported good iron ore production and sales in December 2020.

The company said its iron ore production increased 23.3% to 3.86 million tonnes (MT) in December 2020 from 3.13 MT in December 2019. Its iron ore sales climbed 19.08% to 3.62 MT in December 2020 from 3.04 MT in December 2019.

Sequentially, NMDC's production increased nearly 16.27% while sales rose almost 9.7% in December 2020 over November 2020.

The scrip has gained 5.46% in two sessions from its recent closing low of Rs 114.40 recorded on 31 December 2020.

 

In the past three months, the stock has surged 45.76% while the benchmark S&P BSE Sensex has added 23.50% during the same period.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As on 30 September 2020, Government of India held 69.65% stake in the company.

On a standalone basis, the state-run miner's net profit rose 10% to to Rs 773.66 crore on 0.5% decline in net sales to Rs 2,229.89 crore in Q2 September 2020 over Q2 September 2019.

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