NMDC Shares Surge 5% on Strong Q4 Earnings
Feb 15, 2024 18:54
NMDC shares closed 5% higher on Thursday, driven by a robust net profit for the December quarter. The company's total income also surged, driven by higher demand for iron ore.
Photograph: Danish Siddiqui/Reuters
New Delhi, Feb 15 (PTI) Shares of state-owned NMDC settled 5 per cent higher on Thursday after the company posted a rise in its net profit for the December quarter.
On BSE, scrip of the company gained 4.86 per cent to close at Rs 246.95 apiece.
NMDC's stock rose 4.69 per cent to end at Rs 246.60 per piece on the NSE.
During the day, the scrip of NMDC hit a 52-week high of Rs 252.65 and Rs 252.40 on BSE and NSE, respectively.
In terms of volume, 6.25 crore equity shares were traded on NSE, while 26.88 lakh shares changed hands on BSE during the day.
Sensex on Thursday advanced 227.55 points or 0.32 per cent to close at 72,050.38 points, while NSE Nifty gained 0.32 per cent to end at 21,910.75 points.
State-owned NMDC on Wednesday posted a 62 per cent rise in consolidated net profit to Rs 1,469.73 crore in the December quarter, pushed by higher income.
It had clocked a net profit of Rs 903.89 crore in the year-ago period, the mining company said in a regulatory filing.
The company's total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago, it added.
NMDC, under the Ministry of Steel, is India's largest iron ore mining company contributing to around 20 per cent of the country's demand for the key steel-making raw material.
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