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NMDC slides after weak production in November

Capital Market 

NMDC declined 2.18% to Rs 103.20 after announcing disappointing production and sales numbers in November 2019.

The announcement was after market hours yesterday, 3 December 2019.

The company's total iron ore production in November 2019 was 2.94 million tonnes as compared to 3.29 million tonnes in November 2018, recording a decline of 10.64%.

The iron ore sales remained flat in November 2019 at 2.79 million tonnes.

NMDC has surged 28.28% in last three months as compared to a 17.1% rise in Nifty Metal index. The stock continues to trade above its 50 and 200 days simple moving averages placed at 100.97 and 101.27 respectively.

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 2019, the Government of India holds 72.28% 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.)

First Published: Tue, December 03 2019. 09:38 IST