Page 7 - Nmdc

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.

Sensex sheds 844pts in late sell-off, Nifty breaks 17,000; IT index down 2%

CLOSING BELL: Sectorally, apart from the BSE IT index, which declined 2 per cent, the Consumer Durables, Metal and Realty indices were the other major losers

NMDC institutes in Chhattisgarh's Dantewada district send youths to MNCs

Besides mining, the company has pioneered development initiatives and steered changes in improving the quality of education in remote areas as part of its corporate social responsibility (CSR).

Here's why Mehul Kothari expects NMDC, Wipro to gain in the near term

According to the technical analyst from Anand Rathi, NMDC can rally to Rs 124, while Wipro can surge to Rs 477-odd level.

NMDC hikes lump ore rate to Rs 4,100 per ton; fines at Rs 2,910

State-owned NMDC on Thursday hiked prices of lump ore by Rs 200 a tonne and fines by Rs 100 per tonne with immediate effect. The company has fixed the prices of lump ore at Rs 4,100 per tonne and that of fines at Rs 2,910 a tonne. In its last price revision announced on July 12, NMDC had slashed the prices of lump ore and fines by Rs 500 per tonne each to Rs 3,900 and Rs 2,810, respectively. Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in the prices of the mineral has a direct impact on the rates of steel that has been a matter of concern for the user industries for the past couple of months. Research firm SteelMint attributed the hike to "lower production (of the mineral) owing to monsoons, restocking demand and stability in steel prices are some of the factors supporting iron ore prices". The new rates exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes,

Street Signs: Oil boost for paint and tyre stocks, NMDC gains 4%, and more

Shares of NMDC (formerly National Mineral Development Corporation) rallied over 4 per cent on Friday, even as the stock got removed from the Nifty CPSE index

GMDC, NMDC are the top picks of technical analyst Mehul Kothari

According to the analyst from Anand Rathi, GMDC can rally to Rs 168 on the upside, while NMDC can jump to Rs 114.

NMDC hits 52-week low on weak earnings concerns; declines 7% in three days

EBITDA margin for Q1FY23E is likely to come in at 33.3 per cent as against 40 per cent in Q4FY22, said ICICI Securities