Page 2 - Nmdc

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NMDC's iron ore output falls 37% to 2.34 mn tonnes in May, sales down 22%

Country's largest iron ore miner NMDC has reported a 37 per cent fall in its production at 2.34 million tonnes (MnT) in May 2024. It had produced 3.71 MnT of iron ore in the same month last year, the company said in an exchange filing on Saturday. NMDC's monthly sales also declined by 22 per cent to 2.82 MnT in May this year from 3.62 MnT in May 2023. The company's cumulative iron ore output fell to 5.82 MnT in April-May 2024 from 7.22 MnT in the year-ago period. Sales during the said period were at 6.35 MnT, down from 7.05 MnT in April-May 2023. On Tuesday, NMDC had increased the prices of lump ore by Rs 250 a tonne and fines by Rs 350 per tonne with immediate effect. The miner revised the cost of lump ore to Rs 6,450/tonne and fines to Rs 5,610 per tonne. Under the Ministry of Steel, Hyderabad-based NMDC caters to India's around 20 per cent demand for the key steel-making raw material.

After market rally, iron-ore miner NMDC stock to price in positives

While prospects look good, the share price has run up considerably and many analysts feel the stock is fully priced or expensive at current levels

NMDC Q4 results: Net profit falls 38% to Rs 1,416 crore on higher expenses

State-owned iron ore miner NMDC on Monday reported a 38 per cent fall in its consolidated net profit to Rs 1,415.62 crore for the March quarter on account of increased expenses. It had posted a profit of Rs 2,276.94 crore for the year-ago period, the company said in an exchange filing. The company's total income rose to Rs 6,908.37 crore in the January-March period from Rs 5,842.52 crore in the same period a year ago. Its expenses surged to Rs 4,519.64 crore from Rs 3,794.18 crore in January-March FY23. For the whole FY24 fiscal, the company's profit was at Rs 5,571.25 crore, higher than Rs 5,537.72 crore in 2022-23. Hyderabad-based NMDC is India's largest iron ore mining company catering to the country's around 20 per cent of the steel-making raw material.

Mines ministry asks Coal India, NMDC to look for lithium mines overseas

Ministry will lead a delegation to Zambia in June and later to Congo to explore joint ventures in critical minerals

Stocks to Watch, April 30: Poonawalla Fin, JNK India, KEC, M&M, Tata Chem

Stocks to Watch today, April 30, 2024: JNK India stock is set to debut on the bourses on April 30. Its issue price has been fixed as Rs 415, and grey market suggests a listing gain of 30 per cent

Chhattisgarh's NMDC iron production rises 11%, sales surge 16% in FY24

Compared to the previous year's 29.04 MT, the production at the Chhattisgarh units jumped 11.67 per cent. The Dolimalai mine produced 12.67 MT of iron ore, up 7.56 per cent Y-o-Y

Iron ore price recovery, steady demand positive for state owned NMDC

NMDC planned capex of Rs 1,750-1,800 crore for FY24 and Rs 2,000-2,100 crore for FY25

NMDC exploring lithium assets, conducting negotiations in Africa, Australia

Additionally, NMDC is seeking lithium blocks from the Indian government on a nomination basis

NMDC poised for gains from demand triggers and capacity expansion

The reported net profit was Rs 1,490 crore and adjusted for extraordinary items of Rs 252 crore, it was Rs 1,740 crore, higher by 96 per cent y-o-y and 69.8 per cent sequentially

NMDC Q3 results: Net profit rises 62% to Rs 1,470 cr, income at Rs 5,746 cr

State-owned NMDC on Wednesday posted a 62 pc rise in consolidated net profit to Rs 1,469.73 crore in the December quarter, pushed by higher income. It had clocked a net profit of Rs 903.89 crore in the year-ago period, the mining company said in an exchange filing. The company's total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago. NMDC's expenses stood at Rs 3,516.78 crore in the third quarter of the current fiscal as against Rs 2,693.01 crore a year ago. The board of the company has also approved an interim dividend of Rs 5.75 per equity share for 2023-24 and fixed February 27 as the record date for the purpose. NMDC, under the Ministry of Steel, is India's largest iron ore mining company contributing to around 20 per cent of the country's demand of the key steel making raw material.

MSCI rebalancing exercise likely to drive $1 billion in domestic stocks

Despite the positive trigger, shares of NHPC, NMDC, PNB and Bhel fell sharply on Monday amid a broad-based selling in shares of PSUs

BSE 200 scorecard: From IGL to Zee, reading the tea leaves from FPI move

Krishna Kant and Ram Prasad Sahu track the investments made by foreign portfolio investors in BSE 200 companies - a move that is seen as pivotal to the future of a stock on bourses

3 directors of SAIL, NMDC suspended for misconduct with immediate effect

The Steel Ministry has suspended two board-level officials of steel PSU SAIL and one director of iron ore major NMDC for alleged misconduct, according to exchange filings by the companies. SAIL also has suspended 26 other officials with immediate effect for violation of its code of conduct, the steel PSU said in a filing to BSE. The filing said the Ministry of Steel vide its letters dated January 19, 2024, "in exercise of the powers conferred by sub-rule (1) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of Steel Authority of India Limited, has placed V.S. Chakravarthy, Director (Commercial) and A.K. Tulsiani, Director (Finance) on suspension with immediate effect". Another Steel Ministry PSU NMDC also announced that its board-level official, V. Suresh, has been suspended with immediate effect. "Ministry of Steel...in exercise of the powers conferred by sub-rule 1 of Rule 20 of the Conduct, Discipline and Appeal Rules, 1978 of NMDC Ltd. has placed V. Suresh, Director

Scaling up to meet domestic demand, no plans to export to China: NMDC

Reuters reported on Wednesday that the federal government had turned down a request from the company to export iron ore to China

India rejects iron ore miner NMDC's proposal for China exports -sources

China accounts for around 80% of India's overall iron ore shipments. India primarily exports low-grade iron ore - with iron content below 58% and most of India's shipments go to China

Stocks to Watch: TCS, JSW Steel, NMDC, PFC, ONGC, HPCL, LTIMindtree, Apar

Stocks to Watch on November 24, 2023: TCS will turn ex-buyback today; govt plans to ask ONGC to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp

NMDC Q2 net profit rises 15% to Rs 1,028 cr on strong iron ore sales

The company witnessed a nearly 21% growth in revenue generated from its iron ore segment from the previous year

Iron ore supply resumes from NMDC Bailadila mine to RINL plant in Andhra

Iron ore supply from NMDC's Bailadila mine in Chhatisgarh resumed on Tuesday to its plant in Andhra Pradesh, steel maker RINL said. Iron ore is a key raw material required for the manufacturing of steel. "With the continuous and relentless efforts by Indian Railways, the KK line operations were restored on October 10, 2023, and supply iron ore/rake movement to RINL from NMDC mines resumed," the Visakhapatnam-based entity said in a statement. RINL further said that there was a major landslide in the KK line between Jaypore and Koraput during the early hours of September 24, 2023, and supplies from NMDC Bailadila sector, which is the main source of iron ore supplies for the company, had to be stopped. This created a massive challenge for sustaining the plant operations as the inflow of iron ore was already constrained and the stock level of iron ore had reached a critical level because of heavy monsoon rain in the mines area, it added. Meanwhile, RINL made alternate arrangements fro

NMDC steel plant to give employment to 50,000 people in state, says PM Modi

Prime Minister Narendra Modi said that the dream of a developed Bharat will "only be realised when states, districts, and villages develop in the country"