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NMDC keeps prices of Lump Ore & Fines unchanged for the third straight month

NMDC keeps prices of Lump Ore & Fines unchanged for the third straight month

NMDC keeps prices of Lump Ore & Fines unchanged for the third straight month
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By Nigel D'Souza   | Hormaz Fatakia  Oct 10, 2022 3:34:01 PM IST (Published)

Shares of NMDC are up 8 percent over the last month owing to newsflow around the demerger of its steel plant.

Hyderabad-based NMDC has kept the prices of its Lump Ore and Fines unchanged for the third straight month. The state-run enterprise has kept the prices of Lump Ore unchanged at Rs 4,100 per tonne while those of Fines at Rs 2,910 per tonne.

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The last instance of the company hiking prices was in August when the prices of Lump Ore were increased by Rs 200 per tonne while those of Fines were increased by Rs 100 per tonne. Before the August price hike, NMDC had cut prices of both Lump Ore and Fines for three straight months.
NMDC is the largest iron ore producer in India and the 10th largest in the world. One of the lowest-cost iron ore producers, NMDC operates a mechanised diamond mine in southeast Asia.
Most of NMDC's revenue comes from its Chhattisgarh mine (72 percent), while the remaining comes from its Donimalai & Kumarswamy mines in Karnataka.
Shares are up 8 percent over the last month owing to news about the demerger of the company's steel unit. The 3 MTPA unit is yet to be commissioned, and the business will likely be separately listed in the second half of the current financial year. Analysts believe that Rs 32 per share of NMDC's current price would be a fair value for the company's steel operations.
Consensus estimates a dividend yield of 6-7 percent for the stock over the next few years.
Shares of NMDC are currently trading 1 percent higher at Rs 136.10, as of 2 PM.
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