NMDC Reports 1.3% Rise In Iron Ore Production To 3.04 Million Tonne In September
The cumulative production from April to September stood at 10.93 million tonne, while the total sales of iron ore stood at 13.85 million tonne.
Description: A piece of iron ore.
(Source: Wikimedia Commons)
The iron ore production of NMDC Ltd., formerly known as National Mineral Development Corporation Ltd., rose 1.3% year-on-year to 3.04 million tonne in September, while sales increased 13.8% during the same period to 3.54 million tonne.
The production of iron ore in the Chhattisgarh and Karnataka units saw an increase at 1.89 million tonne and 1.15 million tonne, respectively. That compares with 1.87 million tonne and 1.13 million tonne, respectively, seen during the same period a year earlier, according to an exchange filing. The sales figures at the Chhattisgarh unit stood at 2.32 million tonne and those for the Karnataka unit were at 1.22 million tonne.
The cumulative production from April to September stood at 10.93 million tonne, while the total sales of iron ore stood at 13.85 million tonne.
Shares of NMDC Ltd. bounced back from their lowest point on Tuesday after the state-run company announced a Rs 400 per tonne increase in iron ore prices.
NMDC had announced its best annual performance in Fiscal 2024, with iron ore production increasing by 10% to over 45 million tonnes. Sales rose by 16%, reaching 44.48 million tonnes, according to Chairman and Managing Director Amitava Mukherjee on Tuesday.
Shares of NMDC closed 0.41% lower at Rs 243.85 apiece, as compared with a 0.04% fall in the benchmark BSE Sensex.
It has declined 64.92% in the last 12 months and 16.38% on a year-to-date basis. The relative strength index was at 65.04.
Out of the 22 analysts tracking, 10 have a 'buy' rating on the stock, 4 recommend a 'hold' and 8 suggest a 'sell', according to Bloomberg data. The average 12-month Bloomberg analyst consensus price target implies a potential downside of 3.6%.
