NMDC surges on fixing the prices of iron ore

NMDC surges on fixing the prices of iron ore

Indian Market
by 5paisa Research Team Last Updated: 2022-11-18T17:23:04+05:30

Shares of the company climbed over 5% on Friday. 

NMDC stock closed at Rs 111, up by 5.35 points or 5.06% from its previous closing of Rs 105.65 on the BSE. The scrip opened at Rs 106.50 and has touched a high and low of Rs. 111 and Rs 106.50, respectively. The BSE group 'A' stock of face value of Rs 1 has touched a 52-week high of Rs 143.13 and a 52-week low of Rs 81.27. 

NMDC has fixed the prices of iron ore with effect from November 17, 2022. The price of Lump Ore (65.5%, 6-40 mm) has been fixed at Rs 3,800 per ton, while the price of Fines (64%, -10mm) has been fixed at Rs 2,610 per ton. The FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit fees and other taxes. 

NMDC is one of the world’s low-cost iron ore producers and they have ventured into the steel-making business to benefit from their ability to procure iron ore at a cheaper price. The company has procured 2000 Acres of land in Chattisgarh to set up a steel plant with a manufacturing capacity of 3 MTPA and the facility will be the largest blast furnace in India with a capacity of 4506 Cum. 

NMDC is a state-controlled mineral producer by the Government of India. It is fully owned by the Government of India and is under the administrative control of the Ministry of Steel. 

NMDC has over 90% equity holding in Legacy Iron Ore Ltd, based in Perth, Australia with a focus on Gold, Iron ore and base metals. NMDC holds about 26% stake in ICVL and Benga mine is one of the operational assets of ICVL in Mozambique 

The company's vision for 2025 is to enhance iron ore production capacity to 67 MTPA to meet the growing requirements of iron ore. The promoters holding in the company stood at 60.79%, while institutions and non-institutions hold 26.9% and 12.27%, respectively.

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