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NMDC share price climbs 13% after board clears demerger of iron & steel plant

NMDC stock gained 13.44% to Rs 108.9 against previous close of Rs 96 on BSE

twitter-logoBusinessToday.In | August 28, 2020 | Updated 14:01 IST
NMDC share price climbs 13% after board clears demerger of iron & steel plant
NMDC share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share price of NMDC rose over 13% today after the board of the state owned firm cleared the proposal to demerge its iron & steel plant in Nagarnar, Chhattisgarh. NMDC stock gained 13.44% to Rs 108.9 against previous close of Rs 96 on BSE. The share opened 4.48% higher at Rs 100.30.

NMDC share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 17% since the beginning of this year and gained 31.5% during one year.

In a month, the share has gained 25.24%. Total 19.94 lakh shares changed hands amounting to turnover of Rs 21.06 crore on BSE.  Market cap of the government owned firm rose to Rs 32,593 crore.

The Board of Directors of the company at their meeting held on August 27, 2020, have accorded in-principle approval to the proposal to demerge its NMDC Iron & Steel Plant (NISP) at Nagarnar in Chhattisgarh, the company said in an exchange filing.

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Meanwhile, the firm reported a 54.67% fall in net profit at Rs 531.01 crore against net profit of Rs 531.01 crore in the corresponding quarter of previous fiscal.

Net sales fell 40.64% to Rs 1937 crore in Q1 against Rs 3263 crore in Q1 of previous fiscal. Both production and sales were impacted due to the COVID-19 lockdown, the state-owned miner said.

There has been a loss of around 18.23 lakh tonne of production and 23.94 lakh tonne of sales of iron ore. This has resulted in a loss in sales revenue of around Rs 737 crore and profit before tax of Rs 317 crore for the current period, the frim said.

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