The state-owned iron ore miner hiked prices of iron ore (lump ore and fines) with effect from Saturday, 5 September 2020.
NMDC increased lump ore prices by 10.16% to Rs 3250 per tonne in September 2020 from Rs 2950 per tonne in August 2020. Prices of fines were hiked by 11.27% to Rs 2960 per tonne in September 2020 as against Rs 2660 per tonne in August 2020. The new rates came into effect from 5 September 2020.
NMDC reported 54.9% slide in consolidated net profit to Rs 531.35 crore on 40.6% fall in net sales to Rs 1,937.50 crore in Q1 June 2020 over Q1 June 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 holds 69.65% stake in the mining company.
Shares of NMDC were up 0.21% to Rs 93.95 on BSE. It has spurted 51.53% from its 52-week low of Rs 62 hit on 13 March 2020.
On the technical front, the stock's RSI (relative strength index) stood at 49.912. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 89.27 and its 200-day moving average (DMA) placed at 94.64.
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