Page 6 - Nmdc

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NMDC iron ore output grows 4% at 4.48 mn tonnes in Feb, sales drop 4.78%

NMDC Ltd on Wednesday reported 4 per cent growth in its iron ore production at 4.48 million tonnes (MT) in February 2023 compared to 4.31 MT a year ago. Sales of iron ore declined by 4.78 per cent to 3.78 MT in February 2023 compared to 3.97 MT in the same month of last year, according to an exchange filing. NMDC's iron ore production during the April-February period fell 4.19 per cent to 35.62 MT from 37.18 MT in the year-ago period. Iron ore sales in April-February 2022-23 also fell 8.61 per cent to 33.42 MT from 36.57 MT a year ago. NMDC, under the Ministry of Steel, is India's largest iron ore producer contributing nearly 17 per cent to the country's total iron ore production.

NMDC's Q3 consolidated net profit more than halves to Rs 904 crore

State-owned NMDC's consolidated net profit more than halved to Rs 903.89 crore for the December quarter, mainly on account of lower income. The company had clocked a net profit of Rs 2,046.88 crore in the October-December period of the preceding 2021-22 fiscal, the miner said in a regulatory filing on Tuesday. Its total income also tumbled to Rs 3,924.75 crore from Rs 6,026.68 crore in the year-ago quarter. Total expenses were at Rs 2,693.01 crore, as against Rs 3,332.44 crore a year ago. NMDC, under the Ministry of Steel, is the country's largest producer and supplier of iron ore.

Uncertainty prevails over NMDC's Nagarnar steel bidding in Chhattisgarh

The Centre, on December 1, 2022, invited preliminary bids for disinvestment of the plant and offered to sell a 50.79 per cent stake in the company

NMDC increases iron ore lump rates by Rs 200 to Rs 4,300 per tonne

State-owned NMDC on Monday announced that it has hiked the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The country's largest iron ore miner has also increased rates of iron ore fines by Rs 500 to Rs 3,410/tonne, NMDC said in a regulatory filing. The prices are effective January 1, and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said. Lump ore or high-grade iron contains 65.53 per cent Fe (iron), while fines are inferior grade ore with 64 per cent and less Fe content. In the last price revision announced on November 30, NMDC had fixed the rate of the lump at Rs 4,100 per tonne and that of fines at Rs 2,910 a tonne with immediate effect. Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on the rates of the steel, an alloy widely used in segments such as construction, infrastructure, automobile an

NMDC: A long-term play on steel cycle; may see decline in FY23 revenues

NMDC's formal demerger of the steel plant may be followed by an initial public offering, or the government could look for a stake sale

JSPL sees 'very good reason' to consider RINL, NMDC: MD Bimlendra Jha

State-owned companies marked out for divestment are attractive assets, he says in interview

NMDC records 8% jump in iron ore production at 3.61 Mn tonnes in November

NMDC Limited on Friday reported eight per cent growth compared to the same month last year in iron ore production at 3.61 million tonnes and 5.5 per cent jump in sales at 3.04 million tonnes in November. NMDC's iron ore production for the period September-October-November, 2022 is recorded as the best ever production of these months in a row, in company history, a press release from the miner said. Commenting on the company's thriving performance, Sumit Deb, CMD, NMDC, said with an upswing in the demand for steel, the company is in the path to escalate production and ensure a healthy supply of iron ore consistently. The growth trajectory of our performance in the last three months has been exceptional and displays NMDC's commitment towards a self-sufficient nation by setting new benchmarks, Deb said. With exceptional iron ore production in the last three months, the mining major is preparing to surpass all records in FY23, it further said.

Sensex snaps 8-day winning run, ends 415 pts lower; IT, Auto stocks weigh

CLOSING BELL: The NSE Nifty shut shop at 18,696, down 117 points. Broader indices - BSE Midcap and Smallcap bucked the trend, and were up 0.8 per cent and 0.7 per cent, respectively, on Friday.

Govt to sell 50.79% in NMDC's steel plant at Nagarnar, invites bids

The last date for submitting queries by interested bidders is December 29, 2022, and that for submission of bids is January 27, 2023 as per the expression of interest (EoI)

Roll-back of export duty on steel has no near-term earnings upside: Experts

Analysts perceive the roll-back of export duties on steel as a valuation re-rating event, rather than an earnings upgrade trigger

Sensex drops 519pts, Nifty below 18,200; Easy Trip up 20%, Archean Chem 12%

CLOSING BELL: Over 35 stocks fell on the Nifty50 index, led by Adani Ports, Hindalco, TCS, HDFC, Tech M, Reliance Industries, Hero MotoCorp, Infosys, Grasim, JSW Steel, and Bajaj Finance

NMDC to spend Rs 900 cr to increase iron production from mines in Karnataka

NMDC Ltd will be spending nearly Rs 900 crore in the next two to three years to ramp up iron ore production from seven million tonnes per annum (MTPA) to 10 million tonnes, from its Kumaraswamy mines in Karnataka. An Expert Appraisal Committee under the Minister of Environment and Forests has given its green signal for Environmental Clearance in a meeting held during November 9-11 allowing NMDC to increase the production and the EC is valid up to 2042, company sources said. In August, the Supreme Court raised the ceiling limit of iron ore mining from 28 MMT ( million metric tonne) to 35 MMT for Ballari district, and from 7 MMT to 15 MMT for Chitradurga and Tumkur districts in Karnataka. Kumaraswamy Mines are located in Ballari district. NMDC has EC for 7 MTPA and also is producing 7 million tonnes. On November 10, the Indian Bureau of Mines (IBM) recommended the company to go from 7 MTPA to 10 MTPA. There will be a crushing and screening and loading plant at the site. For all these

Worst may be over for NMDC stock: Cash flows likely to improve, say experts

Margins may have bottomed out, say analysts

Stocks to watch: Bajaj Auto, RIL, Paytm, Aurobindo Pharma, NMDC, Page Inds

Stocks to watch today: Aurobindo Pharma received EIR from USFDA for its manufacturing facility in Andhra Pradesh; Softbank plans to offload around 29 million shares of Paytm via block deals

NMDC in talks to invest in lithium exploration companies in Australia

Investment would be voa NMDC's Perth-based arm, Legacy Iron Ore, which is already prospecting for iron ore, gold and base metals there

NMDC Q2 net profit declines 62% to Rs 885 crore due to lower income

State-owned NMDC on Monday posted a 62 per cent fall in its consolidated net profit to Rs 885.65 crore during the quarter ended September, mainly on account of lower income. It had clocked a Rs 2,339.58 crore net profit during the July-September period of the preceding fiscal, according to a regulatory filing. The company's total income fell to Rs 3,754.77 crore in the second quarter of the current financial year from Rs 6,882.44 crore in the year-ago period. During the same period, expenses were at Rs 2,569.63 crore as against Rs 3,742.64 crore. The company is a leading iron ore miner.

NMDC trades ex-date for demerger; stock surges 14% on heavy volumes

NMDC shareholders will be eligible to get one share of NMDC Steel for every equity share held.

NMDC set to call for EoI for appointment of consultant for mining license

: State-owned NMDC Limited has said it is taking the first step for obtaining a Mining License (ML) to start operations at a gold mine in Andhra Pradesh. NMDC takes the first step for obtaining Mining Lease & executing the ML deed to start the mining operations at Chigargunta-Bisanatham Gold Mine Block in Chittoor District, Andhra Pradesh, NMDC tweeted on Monday. NMDC's Chairman and Managing Director Sumit Deb in a tweet said the miner strikes gold with the Gold Mine block as it is a first of its kind for the company in terms of leveraging its expertise for a multi-mineral outlook and underground mining operations as well. NMDC sources said the firm is in the process of calling Expression of Interest for appointment of a Consultant for obtaining Mining Lease and Mining Deed. Once the appointment of a Consultant is done, then within six months mine plan and other details for the ML will be submitted to the authorities based on which ML will be granted. It may take about 12 months,

MCA approves demerger of NMDC steel plant in Chhattisgarh from NMDC

: The Ministry of Corporate Affairs (MCA) has approved the demerger of NMDC Steel, a three-million tone steel plant in Chhattisgarh, from NMDC Ltd, the iron ore miner said. This is to inform you that the Company is in receipt t of the MCA Order dated 06.10.2022 received on 11.10.2022 sanctioning the Scheme, and the same is annexed to this letter. Request you to kindly take the same on record and oblige, NMDC said in a communication to BSE on Tuesday night. The Company is in the process of complying with the requirements as envisaged in the MCA Order and the observation letters received from Bombay, Calcutta and National Stock Exchanges, NMDC said. NMDC is in the process of demerging its three-million Greenfield steel plant it built at Nagarnar in Chhattisgarh with an investment outlay of over Rs 20,000 crore.