NMDC gains 1.18% to Rs 94.35 after the iron ore miner on Wednesday hiked rates of the mineral by Rs 300 a tonne with immediate effect.
NMDC said it has increased the price of iron ore lumps by Rs 300 to Rs 2,950 per tonne, and that of iron ore fines by Rs 300 to Rs 2,660 a tonne.NMDC's consolidated net profit tanked 76.1% to Rs 347 crore on a 12.5% decline in net sales to Rs 3187.34 crore in Q4 March 2020 over Q4 March 2019.
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 of 30 June 2020, the Government of India held 69.65% stake in the mining company.
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