NMDC rose 1.11% to Rs 132.35 after the miner said that it has received Ministry of Corporate Affairs (MCA) order approving scheme of arrangement for merger of NMDC into NMDC Steel and their respective shareholders and creditors.
NMDC Steel is in the business of trade, manufacturing, selling, importing and purchasing of stainless steel, silicon, special steel and other allied input or other material.The scheme of arrangement had already been approved by the board of directors of both the companies on 13 July 2021.
Meanwhile, the state-owned miner said that Government of India has charted a road map to augment India steel production to 300 million tons per year (MTPA) by 2025. As part of this expansion, NMDC is setting up a 3 MTPA capacity Greenfield integrated steel plant (NMDC Iron & Steel Plant) at Nagamar, Chhattisgarh.
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 of 30 June 2022, the Government of India held 60.79% stake in the firm.
The iron ore mining company reported a 54% fall in standalone net profit to Rs 1,469.44 crore in Q1 FY23 as against Rs 3,192.84 crore in Q1 FY22. Net sales was at Rs 4,767.07 crore in Q1 FY23 as against Rs 6,512.21 crore during the same period in the previous year, registering a decline of 26.8%.
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