NMDC Hikes Iron Ore Prices, Shares Climb To 13-Year High
The new prices come into effect from Jan. 2.
Shares of NMDC Ltd. rose to an over 13-year high on Tuesday after it revised the prices of lump-ore and fines.
Lump-ore prices have been revised to Rs 5,600 per tonne from Rs 5,400 per tonne. Prices of fines were raised to Rs 4,910 per tonne from Rs 4,660 per tonne, according to an exchange filing. The prices will become effective on Jan. 2.
Shares of NMDC rose as much as 3.97% during the day to Rs 219.85 apiece, the highest since April 7, 2010. It was trading 3.43% higher at Rs 218.70 apiece, compared to a 0.48% decline in the benchmark Nifty 50 as of 12.33 p.m.
The total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 79.91, indicating that the stock may be overbought.
Seventeen out of the 22 analysts tracking the company have a 'buy' rating on the stock, two recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 18.9%.
