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November performance helps NMDC grow from strength to strength

Posted On: 2020-12-03 04:03:39 (Time Zone: Arizona, USA)

NMDC, the country's largest Iron Ore producing Navratna Company, continued to better the operational performance during the month of November 2020 in production and sales over the CPLY.

Iron ore production for the month of November 2020 is 3.32 MT (Million Tonnes) has registered a growth of 13%, despite restrictions and unfavorable weather conditions against the production of 2.94 MT in November 2019.

Iron ore sales for the month of November 2020 improved to 3.30 MT has registered a growth of 18 % against the 2.79 MT in sales that NMDC achieved in the corresponding month of November 2019.

Production and sales are on an uptick and showing a healthy growth each month. This is gradually catching up to the level of 2019's production and sales.

NMDC is continually maintaining strong performance indicators for the last few months and is expected to reach last year's production levels in the next few months. NMDC is determined to continue this growth streak. The production is also being continuously scaled up to compensate for the earlier loss. The industry has started responding to the positive sentiments of the economy and demand is expected to go up in the next FY. NMDC is confident to cater to the needs of both national and international customers.

Shri Sumit Deb, CMD, NMDC expressed satisfaction with the performance of NMDC and said "The company's monthly performance has transcended November 2019's production and sales and we will soon catch up with the cumulative figure of the previous year. I am hopeful that the performance will improve further on the back of better demand and gradual improvement in ground conditions. I would like to congratulate team NMDC for this outstanding performance; it is their hard work and determination that is paying off."

Shares of NMDC LTD. was last trading in BSE at Rs.105.75 as compared to the previous close of Rs. 103.1. The total number of shares traded during the day was 515709 in over 3213 trades.

The stock hit an intraday high of Rs. 107.15 and intraday low of 104.05. The net turnover during the day was Rs. 54258689.

Source: Equity Bulls

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