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NMDC shares rise on 3% iron ore sales growth in April
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The public sector company reported a 2.91% rise in sales of iron ore at 3.53 metric tonnes in the month of April compared to 3.43 metric tonnes in the year-ago period.
Shares of state-owned NMDC Ltd gained more than 2% in trade on Thursday after the company reported growth in sales of iron ore for the month of April.
The Public Sector Undertaking (PSU) in its business updates for the month of April, released on May 2, reported a marginal growth of nearly 3% in sales of iron ore, while the production declined year-on-year.
The company’s total iron ore production for the month of April dropped 0.85% to 3.48 metric tonnes compared to 3.51 metric tonnes in the same month in FY23. The public sector company reported a 2.91% rise in sales of iron ore at 3.53 metric tonnes in the month of April compared to 3.43 metric tonnes in the year-ago period.
In Chattisgarh, the company reported a year-on-year decline in production of 6% at 2.35 MT from 2.5 MT YoY. On the other hand, the company witnessed a growth in sales of 3% on a year-on-year basis from 2.66 in the same month last fiscal year to 2.74 in the current fiscal year.
In Karnataka, the company’s iron ore production in April stood at 1.13 MT compared to 1.01 MT in April 2023. Total iron ore sales improved marginally to 0.79 MT compared to 0.77 MT a year ago.
Last week, on April 29, the public sector mining major increased the iron ore prices by ₹400 per tonne for the lump ore variety and by ₹200 for the fines.
The price revision came into effect from April 27. After the price revision, the core for lump ore stands at ₹6,200 per tonne. The price for fines has increased to ₹5,260 per tonne.
Shares of NMDC Ltd were trading at ₹258.45 apiece, up 1.63%, on the BSE at 1:30 PM.
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