Vedanta, NMDC gain up to 4.5% after iron ore futures hit 4-month high

2017-08-01

Jul. 31, 2017 - Iron ore producers NMDC and Vedanta shares gained up to 4.5 percent intraday Monday after the rally in iron ore futures.

Iron ore futures in China continued to move upwards. The stock futures hit upper circuit of 8 percent and are trading at fresh four-month high.

Incorporated in 1958, state-owned NMDC involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.

NMDC is India's single largest iron ore producer, presently producing iron ore from its 3 fully mechanised mines two in chhattisgarh and one in Karnataka State.

Vedanta is the largest producer exporter of iron ore in the private sector in India, which iron ore operations in Goa, Karnataka and Liberia.

At 15:09 hours IST, Vedanta was quoting at Rs 280.40, up 2.07 percent and NMDC was at Rs 126.90, up 3.42 percent on the BSE.