NMDC is trading higher by 3% at Rs 186 after the state-owned mining company has hiked prices of fines by 8% and for lumps by 13% for July- September quarter.
This is for the second consecutive quarter NMDC has raised prices of raw material in this fiscal. During the last quarter, it had raised iron ore prices by 8-10% on increased demand and lower availability.
The hike in price over the last two quarters is mainly due to shortage of good quality iron ore in the domestic market, the report suggests.
The stock opened at Rs 182 and hit a high of Rs 189 on the NSE. A combined 140,000 shares have changed hands on the counter in opening trades.