NMDC advances on raising iron ore prices

NMDC jumped 5.32% to Rs 141.50 after the state-owned mining company increased prices of lump ore by Rs 400 a tonne and that of fines by Rs 300 per tonne, with effect from today.

The company has fixed prices for lump iron ore (65.5%, 6-40mm) at Rs 5,600 per ton and iron fines (64% - 10mm) at Rs 4,560 per ton with effect from 25 February 2022.

On January 30, NMDC had fixed prices for lump iron ore (65.5%, 6-40mm) at Rs 5200 per ton and iron fines (64% - 10mm) at Rs 4,260 per ton.

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.

 

NMDC reported a 2.8% fall in standalone net profit to Rs 2,050 crore in Q3 FY22 from Rs 2,108.9 crore posted in Q3 FY21. Net sales grew by nearly 35% to Rs 5,873.77 crore in Q3 FY22 from Rs 4,355 crore posted in Q3 FY21.

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