NMDC gains on hiking iron ore prices

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NMDC rose 1.34% to Rs 139.95 after the PSU miner hiked prices of iron ore with effect from Wednesday, 14 April 2021.

The prices of lump ore (65.5%, 6-40 mm) soared 18.80% to Rs 6,950 per ton as on 14 April 2021 compared with Rs 5,850 per ton as on 3 April 2021. The prices of iron ore fines (64%, – 10 mm) jumped 10.96% to Rs 5,060 per ton as on 14 April 2021 as against Rs 4,560 per ton as on 3 April 2021.

On a consolidated basis, the company reported 53.3% jump net profit to Rs 2,108.05 crore on a 44.9% rise in net sales to Rs 4,355.10 crore in Q3 FY21 over Q3 FY20.

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 on 15 January 2021, the Government of India held 68.29% stake in the company.

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