NMDC spurts after Feb production rises 12% YoY

NMDC gains 2.97% to Rs 147.40 after the PSU miner's iron ore production jumped 11.66% to 4.31 MT in February 2022 as against 3.86 MT in February 2021.

The company's iron ore sales aggregated to 3.97 MT in February 2022 as against 3.25 MT in February 2021, rising 22.15% year-on-year.

The PSU miner's iron ore production fell 5.48% and iron ore sales fell 6.37% in February 2022 over January 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.

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 company increased prices of lump ore by Rs 400 a tonne and that of fines by Rs 300 per tonne, with effect from 25 February 2022.

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