NMDC declined 6.9% to Rs 212.05 after Karnataka government presented a bill to tax mines and mining land, citing media reports that the Karnataka government might hike the duty on iron ore prices.
Karnataka is an important state for NMDC as it contributes to nearly 35% of the overall mix for the company.Earlier this month, the Karnataka Cabinet approved the Karnataka (Mineral Rights and Mineral Bearing Land) Tax Bill, 2024, to make provisions for levy and collection of tax on exercise of mineral rights and on mineral-bearing land by the State government.
The scrip has declined 13.08% in the past six trading sessions from its recent high of Rs 243.95 recorded on 10 December 2024. On the BSE 10.15 lakh shares traded in the counter so far as compared with average daily volumes of 4.94 lakh shares traded in the past two weeks.
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 September 2024, the Government of India held 60.79% stake in the firm.
NMDC reported 18.1% jump in consolidated net profit to Rs 1,211.57 crore on 22.5% increase in net sales to Rs 4,918.91 crore in Q2 FY25 over Q2 FY24.
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