NMDC gains on forward integration initiative

2011-09-06

Sep. 5, 2011 - NMDC made the announcement on Saturday, 3 September 2011.
Meanwhile, the BSE Sensex was down 84.18 points, or 0.50%, to 16,737.28.
On BSE, 29,000 shares were traded in the counter as against an average daily volume of 37,783 shares in the past one quarter.
The stock hit a high of Rs 229.60 and a low of Rs 217.10 so far during the day. The stock had hit a 52-week high of Rs 304.90 on 7 April 2011 and a 52-week low of Rs 205 on 26 August 2011.
The stock had underperformed the market over the past one month until 2 September 2011, falling 7.74% compared with the Sensex's 7.11% fall. The scrip had also underperformed the market in past one quarter, slipping 16.17% as against 9.04% decline in the Sensex.
The large-cap state-owned iron ore miner has an equity capital of Rs 396.47 crore. Face value per share is Re 1.
The raw material handling system (RMHS) would be able to handle 10 million tonnes per annum (mtpa) of raw material, catering to the different units of NMDC's steel plant. In a statement, NMDC Chairman and Managing Director (CMD) Rana Som said the proposed steel plant at Nagarnar would be the fastest moving steel project among all green field or brown field projects in the country.
Bhel CMD B P Rao said the Bhel ISG group at Bangalore was geared up to complete the job of supplying RMHS within the stipulated time of 30 months.
NMDC's net profit rose 19.8% to Rs 1801.15 crore on 10.5% increase in net sales to Rs 2782.61 crore in Q1 June 2011 over Q1 June 2010.
Incorporated in 1958, NMDC is under the administrative control of the Ministry of Steel, Government of India. Since inception, the company is 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