NMDC shares jump over 5 pc; hit 52-week high

NMDC shares jump over 5 pc; hit 52-week high

New Delhi, Feb 15 (PTI) Shares of NMDC jumped more than 5 per cent on Thursday a day after the state-owned company posted a rise in its net profit in the December quarter.

The stock of the company climbed 5.31 per cent to Rs 248 apiece on the BSE.

NMDC’s shares advanced 5.29 per cent to Rs 248 apiece on the NSE.

In the intra-day trade, scrip of NMDC hit a 52-week high of Rs 252.65 and Rs 252.40 on the BSE and NSE, respectively.

In the morning trade, the 30-share BSE Sensex benchmark gained 50.28 points or 0.07 per cent to 71,873.11 points, while NSE Nifty rose 0.1 per cent to 21,861.25 points.

In a regulatory filing on Wednesday, State-owned NMDC posted a 62 pc 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.

The company’s total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year-ago, it added.

The board of the company had also approved an interim dividend of Rs 5.75 per equity share for 2023-24 and fixed February 27 as the record date for the purpose.

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 of the key steel making raw material.