NMDC hits fresh 52-week high after govt approves mining expansion plan

The stock advanced 3 per cent to trade at Rs 123 today, and has outperformed the market by surging 12 per cent in the past seven trading days, as compared to a 3 per cent rise in the S&P BSE Sensex.

Shares of NMDC hit a fresh 52-week high in otherwise subdued market, up 3 per cent at Rs 123 on the BSE on Thursday, after the state-owned company announced that the Indian Bureau of Mines (IBM) approved its mining plan to enhance the production of iron ore from Kumaraswamy iron ore mines in the state of Karnataka.

“The company has received approval for modified mining plan of Kumaraswamy iron ore mines of NMDC from 7MTPA (million tonnes per annum) to 10 MTPA from the Indian Bureau of Mines (IBM), Ministry of Mines, Government of India,” NMDC said in a regulatory filing