This mega market player plans to construct two slurry pipelines; declares stellar results; do you own it?
NMDC expects to produce 46 to 50 mt (million tonnes) in the current fiscal year, up from 41.22 mt last year
On Wednesday, the shares of National Mineral Development Corporation (NMDC) are trading in green at Rs 109.35 per share on BSE, with an intraday high and low of Rs 109.80 and Rs 109.10 per share, respectively on BSE.
NMDC is involved in the exploration and production of iron ore and diamonds, the manufacturing and sale of sponge iron and the generation and sale of wind power.
The National Mineral Development Corporation (NMDC) plans to construct two slurry pipelines from Nagarnar in the Bastar region, where the company's demerged unit NMDC Steel (NSL) has a facility. NMDC runs two mechanised iron ore mines in the state's Dantewada district. The district's Bailadila project contains two iron ore complexes — Kirandul and Bacheli — from which it expects to feed Nagarnar's 3 million tonnes (mt) per annum steel plant.
In order to lessen reliance on trains, the business is constructing a 131-kilometer-long slurry pipeline to transport iron ore from the Bailadila mines to Nagarnar. The slurry pipeline project between Bailadila and Nagarnar is expected to be finished by 2025. NMDC expects to produce 46 to 50 mt in the current fiscal year, up from 41.22 mt last year.
The financial performance of the company is as follows:
For Q4FY23 the company’s revenue from operations zoomed by 14 per cent from last year to Rs 5,851 crore. The operating profit witnessed an increase of 30 per cent on CPLY (Corresponding Period Last Year) basis, amounting to Rs 2,153 crore. Furthermore, company’s net profit jumped by 22 per cent from FY22, reaching Rs 2,277 crore.
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Keep a close eye on this Industrial Minerals stock in upcoming trading sessions.