145% in 1 Year: Multilbagger PSU NMDC shares soar nearly 5% despite mining Navratna registering a dip in output and sales in May

NMDC Share Price: NMDC shares rose nearly five per cent on BSE on Monday (June 3, 2024) despite the multibagger PSU's output and sales saw a drop in May.
The stock that closed trading at Rs 260.15 on Friday soared by 4.94 per cent to Monday's high of Rs 273.00.

NMDC shares were trading higher by 2.81 per cent, or Rs 7.30, at Rs 267.45 each at 10:35 am on Monday.

NMDC output and sales dip

NMDC, India's largest iron ore miner, has reported a 37 per cent dip in its production at 2.34 million tonnes (MnT) in May 2024.

The company said in an exchange filing on Saturday that it had produced 3.71 MnT of iron ore in the same month last year.

NMDC’s monthly sales also slid by 22 per cent to 2.82 MnT in May 2024 from 3.62 MnT Year-on-Year. The company’s cumulative iron ore output declined to 5.82 MnT in April-May 2024 from 7.22 MnT in the same month last year.

Sales during the said period were at 6.35 MnT, down from 7.05 MnT in April-May 2023. 

On Tuesday, NMDC had increased the prices of lump ore by Rs 250 a tonne and fines by Rs 350 per tonne with immediate effect.

NMDC share price history

NMDC shares have risen by 45.42 per cent in the six months, while they have risen by 145.55 per cent in the one-year period.

(With inputs from PTI)