The shares of NMDC Limited opened at Rs 123.75 and gained as much as 4 percent in the early hours on Wednesday to reach a new 52-week high of Rs 128.75. However, on a longer time frame, the stock is trading at a discount as it has shed approximately 9 percent in a year.
Recently, the company has invited preliminary bids for the strategic sale of NMDC’s Nagarnar Steel Plant, the late date for which is January 27th, 2023. A separate company- NMDC Steel Ltd (NSL) is set to be formed and listed on BSE, NSE, and Calcutta Stock Exchange.
NMDC Limited is a central public sector undertaking involved in the exploration of iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal, etc.
The country’s largest iron ore miner announced a hike in the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The rates of iron ore fines were increased by Rs 500 to Rs 3,410 per tonne.
NMDC’s Production for November stood at 3.61MT which increased from 3.34MT YOY in Nov 2021. The Sales stood at 3.04MT for Nov’22 which also increased from 2.88MT YOY in Nov 2021.
The PSU is categorised as a dividend stock as it has a high dividend yield of 11.57 percent. The company has a market capitalization of Rs 37,321 Crore.
Written by Anoushka Roy
