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NMDC rises 11% in five days

Capital Market 

Shares of the PSU miner jumped 5.04% to Rs 89.65, extending its winning run to fifth consecutive trading session.

NMDC has surged 11% in five trading days from its previous closing low of Rs 80.8 posted on 29 October 2020. The counter is up 45% from its 52-week low of Rs 62 posted on 13 March 2020.

NMDC increased lump ore prices by 4.35% to Rs 3600 per tonne in November 2020 from Rs 3450 per tonne in October 2020. Prices of fines were hiked by 4.75% to Rs 3,310 per tonne in November 2020 as against Rs 3,160 per tonne in October 2020. The new rates came into effect from 4 November 2020.

The state-owned miner said its board will consider a share buyback and Q2 results on 10 November 2020.

NMDC reported 54.67% slide in net profit to Rs 531.01 crore on 40.67% fall in total income to Rs 2,009.27 crore in Q1 June 2020 over Q1 June 2019. EBITDA dropped 58% to Rs 826 crore in Q1 June 2020 from Rs 1,989 crore in Q1 June 2019. EBITDA margin contracted to 43% in Q1 June 2020 from 61% in 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 September 2020, the Government of India holds 69.65% stake in the mining company.

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

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First Published: Thu, November 05 2020. 14:09 IST