NMDC - 1st Quarter Results - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"NMDC reported strong growth in production and sales for the month of August 2020 driven by increased demand from steel companies as domestic steel production continues to improve. Production was up 14.9% YoY to 1.62mn tonne while sales was up by 20.1% YoY to 1.79mn tonnes. We believe that this will be sentimentally positive for NMDC in the short term though international iron ore prices are key monitorable as they rallied above USD 100 /tonne due to increased demand from chinese millers along with reduced supply from Brazil due outbreak of Covid-19. Any fall in Iron ore prices could be negative for NMDC."

Shares of NMDC LTD. was last trading in BSE at Rs.98.3 as compared to the previous close of Rs. 96.65. The total number of shares traded during the day was 536219 in over 3456 trades.

The stock hit an intraday high of Rs. 99.05 and intraday low of 96. The net turnover during the day was Rs. 52315620.

Source : Equity Bulls

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