NMDC rises after decent production, offtake numbers

Shares of NMDC rose 0.71% to Rs 156.75 after the state-owned miner's iron ore sales climbed nearly 124% to 3.09 million tonnes (MT) in April 2021 from 1.38 MT in April 2020.

NMDC's iron ore production jumped almost 74% to 3.13 million tonnes (MT) in April 2021 from 1.8 MT in April 2020.

Sequentially, NMDC's production declined 31.5% while sales fell 24.26% in April 2021 over March 2021.

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 31 December 2020, Government of India held 69.65% stake in the company.

 

The company reported 54.75% jump in consolidated net profit to Rs 2157.81 crore on a 44.86% rise in sales to Rs 4355.10 crore in Q3 FY21 over Q3 FY20.

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