NMDC surges over 3 per cent post hiking iron ore prices

NMDC today announced a hike in the prices of iron ore. The prices of lump ore (65.5 per cent, 6-40 mm) increased 18.80 per cent to Rs 6,950 per tonne as of April 14, 2021, compared with Rs 5,850 per tonne as of April 3, 2021. The prices of iron ore fines (64 per cent, -10 mm) jumped 10.96 per cent to Rs 5,060 per tonne as of April 14, 2021, as against Rs 4,560 per tonne as of April 3, 2021.  

Reacting to this, the company’s stock today increased by 3.37 per cent and made an intraday high of Rs 142.75 per share. 

Besides, the company reported a net profit of Rs 2,108.05 crore in Q3FY21. It had reported a profit of Rs 1,374.97 crore in Q3FY20, which is an increase of 53.32 per cent. The company reported net sales of Rs 4,355.10 crore for Q3FY21, an increase of 44.86 per cent as against the net sales of Rs 3,006.38 crore for Q3FY20.  

According to BSE data, the stock traded at a P/E multiple of 10.74 and a price-to-book ratio of 1.41. The stock has a 52-week high and a 52-week low of Rs 146.25 and Rs 69.90, respectively.   

At the time of market closing, the stock of the company was trading at Rs 141.30, up by 2.32 per cent on BSE.