NMDC shines after strong production, offtake numbers in Nov

NMDC gained 3.53% to Rs 99.6 after the state-owned miner said its iron ore production rose 13% to 3.32 million tonnes (MT) in November 2020 from 2.94 MT in November 2019.

The company's iron ore sales climbed 18.28% to 3.30 MT in November 2020 from 2.79 MT in November 2019.

Sequentially, NMDC's production increased nearly 37% and sales surged almost 31% in November 2020 over October 2020.

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 30 October 2020, Government of India held 69.65% stake in the company.

 

On a standalone basis, the state-run miner's net profit rose 10% to to Rs 773.66 crore on 0.5% decline in net sales to Rs 2,229.89 crore in Q2 September 2020 over Q2 September 2019.

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