NMDC advanced 3.94% to Rs 128.05 after the state-owned miner hiked prices of iron ore with effect from Wednesday, 6 January 2021.
The company increased lump ore prices by 9.61% to Rs 5,700 per tonne on 6 January 2021 from Rs 5,200 per tonne set on 15 December 2020. Prices of fines were hiked by 4.33% to Rs 4,810 per tonne on 6 January 2021 from Rs 4,610 per tonne set on 15 December 2020. The announcement was made after market hours yesterday, 6 January 2021.
Last week, the state-owned miner said that its iron ore production increased 23.3% to 3.86 million tonnes (MT) in December 2020 from 3.13 MT in December 2019. The company's iron ore sales climbed 19.08% to 3.62 MT in December 2020 from 3.04 MT in December 2019. Sequentially, NMDC's production increased nearly 16.27% while sales rose almost 9.7% in December 2020 over November 2020.
On a consolidated basis, the state-run miner's net profit rose 10.1% to to Rs 772.53 crore on 0.5% decline in net sales to Rs 2,229.89 crore in Q2 September 2020 over Q2 September 2019.
NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As on 30 September 2020, Government of India held 69.65% stake in the company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
