NMDC Steel shares hit upper circuit on 2nd day of trade on privatisation buzz

Shares of NMDC Steel Limited were locked at an upper circuit of 5 per cent to Rs 33.3 on the BSE on Tuesday.

The stock of NMDC Steel, a demerged entity of NMDC was listed on Monday 

NMDC Steel block deal news

As many as 67 lakh shares of NMDC Steel changed hands today in multiple block/bulk deals at the price of Rs 33.3 apiece, Zee Business reported. However, the buyers and sellers are yet to be ascertained.

NMDC Steel Listing

The stock got listed at Rs 30.25 apiece on the BSE and settled 4.96 per cent higher at Rs 31.75 per share on Monday. 

On the NSE, the counter made a debut at Rs 30.25 and closed 4.95 per cent higher.

The company's market valuation stood at Rs 9,758.92 crore on the BSE, as of February 21, 2023.

NMDC Steel Privatisation 

NMDC Steel is up for privatisation with the government looking to sell 50.79 per cent of its shareholding, along with management control, according to a PTI report. Currently, the government holds a 60.79 per cent stake in NSL, which is the steel manufacturing facility of India's largest iron ore producer NMDC located in Nagarnar, Chhattisgarh.

DIPAM Secretary Tuhin Kanta Pandey had earlier said informed about government receiving multiple preliminary bids for the privatisation of NMDC Steel Ltd (NSL).

The government had on December 1, 2022, invited preliminary bids or expressions of interest (EoI) for the strategic sale and the last date for putting in bids was January 27.

NMDC Share Price

Meanwhile, the shares of parent company NMDC Limited were trading near the day’s low level at Rs 119.9 per share, down over 1 per cent at around 01:35 PM.

State-owned mining company's stock pared early morning gains. It had gained more than 3.5 per cent to touch a day’s high level of Rs 122.95 per share.

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