NMDC gains after increase in production, sales in September

 

The announcement was made during trading hours today, 7 October 2016.Meanwhile, the BSE Sensex was down 58.77 points, or 0.21%, to 28,047.44.

On BSE, so far 2.96 lakh shares were traded in the counter, compared with average daily volume of 3.50 lakh shares in the past one quarter. The stock hit a high of Rs 118.40 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 115.65 so far during the day. The stock hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had underperformed the market over the past 30 days till 6 October 2016, rising 0.87% compared with 2.84% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.08% as against Sensex’s 3.61% rise.

The large-cap company has equity capital of Rs 396.47 crore. Face value per share is Re 1.

NMDC reported 19.16% increase in iron ore production to 13.93 million tonnes in September 2016 over August 2016. The company reported 22.43% increase in iron ore sales to 15.83 million tonnes in September 2016 over August 2016.

Meanwhile, the company increased iron ore prices with effect from 5 October 2016. It raised lump ore prices by 23.53% to Rs 2,100 per wet metric tonne (WMT) in October 2016 compared with Rs 1,700 per WMT in September 2016. Price of fines was raised by 20.55% to Rs 1,760 per WMT in October 2016 compared with Rs 1,460 per WMT in September 2016. The announcement was made after market hours on Wednesday, 5 October 2016.

Net profit of NMDC declined 29.9% to Rs 711.34 crore on 4.7% decline in net sales to Rs 1720.65 crore in Q1 June 2016 over Q1 June 2015.

NMDC is India’s largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 80% stake in NMDC as on 30 June 2016.

NMDC gains after increase in production, sales in September
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