NMDC gained 1.39% to Rs 83.475 after the state-owned miner said its board will consider share buyback on 10 November 2020.
Meanwhile, NMDC said its iron ore production fell 13% to 2.43 million tonnes (MT) in October 2020 from 2.49 MT in October 2019.The company's iron ore sales declined 3.45% to 2.52 MT in October 2020 from 2.61 MT in October 2019.
NMDC will consider Q2 results on 10 November 2020. The company reported 54.67% slide in net profit to Rs 531.01 crore on 40.67% fall in total income to Rs 2,009.27 crore in Q1 June 2020 over Q1 June 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 of 30 September 2020, the Government of India holds 69.65% stake in the mining company.
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