NMDC slashes iron ore prices

NMDC has reduced prices of high grade iron ore (lumps) by Rs. 300 to Rs. 3,550 per tonne for the month of December 2018 from Rs 3,850 a tonne in November. The company has also cut the prices for iron ore fines, which are inferior grade ore, by Rs. 200 to Rs. 3,110 per tonne for December from Rs. 3,310 a tonne in November.

Iron ore is the main ingredient used in making steel and NMDC produces about 30 million tonne of iron ore from three fully mechanised mines.

Last one week high and low of the scrip stood at Rs. 97.55 and Rs. 92.90 per share, respectively. The current market cap of the company is Rs. 30,610.64 crore.

The promoters holding in the company stood at 72.43 per cent, while Institutions and Non-Institutions held 23.07 and 4.51 per cent, respectively.

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

On Tuesday, the stock has opened at Rs. 95.40 per share and touched a high/low of 97.50/95.25 and at 12:09 hours, the stock was quoting at Rs. 95.85 per share.