NMDC fell 4.35% to Rs 120.85 after the state-run firm intimated the bourses regarding decline in prices of both, lump iron ore and iron fines, with immediate effect.
The prices of lump ore (65.5%, 6-40 mm) have reduced by Rs 600 or nearly 10% to Rs 5500 per ton compared with Rs 6100 per ton fixed on 30 April 2022.Meanwhile, the prices of iron ore fines (64%, - 10 mm) slashed by Rs 750 or 14.5% to Rs 4410 per ton from Rs 5,160 per ton set on 30 April 2022.
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 31 March 2022, the Government of India held 60.79% stake in the firm.
NMDC reported a 2.8% fall in standalone net profit to Rs 2,050 crore in Q3 FY22 from Rs 2,108.9 crore posted in Q3 FY21. Net sales grew by nearly 35% to Rs 5,873.77 crore in Q3 FY22 from Rs 4,355 crore posted in Q3 FY21.
The PSU miner will announce its fourth quarter results tomorrow, 26 May 2022.
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