NMDC Shares Rise Over 1% on Steady Q1 Results

Shares of

C, India’s largest iron ore producer, closed 1.23% higher at Rs 85.44 on the NSE on Monday after the company posted in-line June quarter earnings. Consolidated net profit rose 2% year-on-year to Rs 2,005.71 crore, while total income edged up 1.5% to Rs 7,142.54 crore, driven by a 10% increase in iron ore sales ***** jumped 26% to 15.12 million tonnes, with sales rising modestly. Brokerage JM Financial noted EBITDA and profit met estimates and retained a ‘Reduce’ rating, citing volume growth and capital expenditure as key monitors. NMDC, under the Ministry of Steel, supplies 20-25% of India’s iron ore demand and aims for 60 million tonnes production this fiscal.