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NMDC stock declines 10%; ICICI Securities downgrades it to "Reduce"

For the quarter ended June 2020, NMDC reported a 55 per cent slump in its net profit at Rs 533 crore.

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NMDC's turnover during the first quarter was Rs.1,938 crore compared to Rs 3,264 crore during the corresponding quarter last fiscal.

SI Reporter New Delhi

3 min read Last Updated : Aug 31 2020 | 1:44 PM IST

Shares of NMDC cracked as much as 10 per cent on the BSE on Monday. The company on Friday announced that its board had approved a proposal to demerge NMDC Iron & Steel Plant (NISP).

The three-million-tonne (mt) steel plant is the only greenfield project slated for commissioning in the near term. Sources familiar with the matter said that the plant would have been commissioned by now had it not been for the Covid-19 pandemic.

In a separate development, Minister of Coal, Mines & Parliamentary Affairs, Pralhad Joshi, highlighted the arrangement that the Centre has reached

Topics : NMDC stock Buzzing stocks Markets

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