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NMDC registers record jump in production and sales of iron ore in July 2020

Posted On: 2020-08-04 09:39:09


The mining major NMDC, India's largest iron-ore producer and a diversified Navaratna PSU, recorded a sharp rise in overall production and sales in July 2020 as compared to the corresponding period in July 2019.

During this period, despite the current uncertain situation due to COVID-19, NMDC has been able to achieve excellent physical performance through its continual push towards higher volumes which saw production of 2.19 MT and sales 2.57 MT that grew by 13% and 7% over the corresponding period last year, respectively.

In July 2020, the Chhattisgarh Projects registered a production of 1.56 million tonnes as compared to the total production of 1.16 million tonnes in the corresponding month of July last year, an increase of 35% in production. NMDC also achieved record sales in July 2020 by selling 1.90 million tonnes of Iron ore in July 2020 against 1.60 million tonnes in July 2019, which is 20% higher than the previous year.

Shri Sumit Deb, Chairman-cum-Managing Director of NMDC, commented that, "The last few months have been quite challenging for the entire industry due to the COVID-19 pandemic situation impacting the performance of all major producers. However this challenge was treated as an opportunity by us to accelerate our efforts towards stabilizing the production and continuously improving our production processes. Going forward NMDC will strive to maximize cost efficiencies to improve its bottom-line."

Shares of NMDC LTD. was last trading in BSE at Rs.84.9 as compared to the previous close of Rs. 84.45. The total number of shares traded during the day was 135813 in over 706 trades.

The stock hit an intraday high of Rs. 85.6 and intraday low of 84.25. The net turnover during the day was Rs. 11530146.


Source: Equity Bulls

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