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DNitin
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01 Oct 2008 20:00
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Dear Guest-jee :
It is amazing that you have the audacity to write such comments behind a veil ! Why don\\`t you come forth straight away ?
Yes, I have a vested interest in NMDC since I have a reasonable number and I continue to add to my stock.
Can you also predict the price of ANY share if sensex goes down to 1,000 ! (absurd thinking ! !)and are you so certain that sensex will dip to 10,000 !
Make up your mind, please procure an identity for yourself and then visit again, I can assure you that I will be there ( with other boarders ) on this NMDC board !
If you feel that NMDC will go down to 125 levels then do not buy NMDC - please can I show you the exit door (from this board), dear esteemed Guest-jee, unless ofcourse you are willing to buy, add and wait with NMDC for 3 years plus !
...
It is amazing that you have the audacity to write such comments behind a veil ! Why don\\`t you come forth straight away ?
Yes, I have a vested interest in NMDC since I have a reasonable number and I continue to add to my stock.
Can you also predict the price of ANY share if sensex goes down to 1,000 ! (absurd thinking ! !)and are you so certain that sensex will dip to 10,000 !
Make up your mind, please procure an identity for yourself and then visit again, I can assure you that I will be there ( with other boarders ) on this NMDC board !
If you feel that NMDC will go down to 125 levels then do not buy NMDC - please can I show you the exit door (from this board), dear esteemed Guest-jee, unless ofcourse you are willing to buy, add and wait with NMDC for 3 years plus !
...
01 Oct 2008 07:19
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Hike will be retrospective from the current financial year
Nandini Goswami
Wednesday, October 01, 2008 03:46 IST
KOLKATA: NMDC, the state-owned largest supplier of iron ore in the country, is likely to raise prices by 50-55% for its long-term contract agreements (LTAs).
The price rise, to be decided in a few days, will have domestic steel producers paying more for iron ore.
Any increase in LTA is decided by the long-term benchmark prices accepted by the Japanese Steel Mills (JSM) on a year-to-year basis duly adjusted to US dollar-Re variation.
Top-level officials from NMDC and steel ministry are visiting Japan and Korea to finalise the annual price and quantity of iron ore to be supplied to the steel mills there.
NMDC would stand to gain as it sells 95% of its product through long-term contracts.
The LTA price, which is charged by NMDC from domestic partners, is not determined by the domestic market, but by the long-term benchmark prices accepted by JSM annually.
While about 12% of NMDC’s products are exported through MMTC under the long-term arrangement, the balance is sold to domestic steel makers, sponge iron plants, pellet plants and pig iron plants at long-term prices.
Sources familiar with the development told DNA Money that the iron ore prices for LTA were due for revision earlier and has been delayed for certain reasons.
Once the final settlement is done, the increase would be with retrospective effect from the current financial year.
--The rise in prices would be certain given the international trend of prices of iron ore from Brazil and Australia, the two largest global producers. But much would also depend on the current market situation with inflationary trends and Indian steel producers being asked to hold on to their own price for long,-- a source said.
A price increase would benefit NMDC, but the iron ore producer feels that this is long warranted.
In a -secret- letter to the steel ministry, available with DNA Money, NMDC has said, -The private miners in India charge market price for the high-grade iron ore that is supplied to the domestic steel industry. The present price of NMDC, which is, however, due for revision for high-grade lumps is around Rs 2,500 per metric tonne as against Rs 5,500-7,000 prevailing in the market. Similarly the price of iron ore fines charged by NMDC is around Rs 1,800 per tonne, which is much less than the price of lower-grade iron ore, which fetches about Rs 2600 per tonne.-
About 50% of the total Indian iron ore is exported, which mostly comprises low-grade fines to China at spot export price. High-grade ore, both lump and fines, is under the purview of the open general licence and is sold mainly to domestic customers.
...
Nandini Goswami
Wednesday, October 01, 2008 03:46 IST
KOLKATA: NMDC, the state-owned largest supplier of iron ore in the country, is likely to raise prices by 50-55% for its long-term contract agreements (LTAs).
The price rise, to be decided in a few days, will have domestic steel producers paying more for iron ore.
Any increase in LTA is decided by the long-term benchmark prices accepted by the Japanese Steel Mills (JSM) on a year-to-year basis duly adjusted to US dollar-Re variation.
Top-level officials from NMDC and steel ministry are visiting Japan and Korea to finalise the annual price and quantity of iron ore to be supplied to the steel mills there.
NMDC would stand to gain as it sells 95% of its product through long-term contracts.
The LTA price, which is charged by NMDC from domestic partners, is not determined by the domestic market, but by the long-term benchmark prices accepted by JSM annually.
While about 12% of NMDC’s products are exported through MMTC under the long-term arrangement, the balance is sold to domestic steel makers, sponge iron plants, pellet plants and pig iron plants at long-term prices.
Sources familiar with the development told DNA Money that the iron ore prices for LTA were due for revision earlier and has been delayed for certain reasons.
Once the final settlement is done, the increase would be with retrospective effect from the current financial year.
--The rise in prices would be certain given the international trend of prices of iron ore from Brazil and Australia, the two largest global producers. But much would also depend on the current market situation with inflationary trends and Indian steel producers being asked to hold on to their own price for long,-- a source said.
A price increase would benefit NMDC, but the iron ore producer feels that this is long warranted.
In a -secret- letter to the steel ministry, available with DNA Money, NMDC has said, -The private miners in India charge market price for the high-grade iron ore that is supplied to the domestic steel industry. The present price of NMDC, which is, however, due for revision for high-grade lumps is around Rs 2,500 per metric tonne as against Rs 5,500-7,000 prevailing in the market. Similarly the price of iron ore fines charged by NMDC is around Rs 1,800 per tonne, which is much less than the price of lower-grade iron ore, which fetches about Rs 2600 per tonne.-
About 50% of the total Indian iron ore is exported, which mostly comprises low-grade fines to China at spot export price. High-grade ore, both lump and fines, is under the purview of the open general licence and is sold mainly to domestic customers.
...
30 Sep 2008 11:20
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India Sept qtr advance tax seen up 25 pct y/y
NEW DELHI, Sept 19 (Reuters) - India is expecting 25 percent growth in advance tax collections at about 362.5 billion rupees in the September quarter, an official at the Central Board of Direct Taxes told Reuters on Friday.
By September 15, companies such as Oil and Natural Gas Corp. (ONGC.BO: Quote, Profile, Research), State Bank of India (SBI.BO: Quote, Profile, Research), Steel Authority of India Ltd (SAIL.BO: Quote, Profile, Research) and Tata Steel (TISC.BO: Quote, Profile, Research) paid more than 10 billion rupees in taxes for the second quarter, the official said.
Other firms who figured among the top 10 taxpayers included Life Insurance Corp, NMDC (NMDC.BO: Quote, Profile, Research), Reliance Industries (RELI.BO: Quote, Profile, Research), Bharat Heavy Electricals Ltd (BHEL.BO: Quote, Profile, Research) and GAIL (GAIL.BO: Quote, Profile, Research).
--We are expecting at least 25 percent growth in advance tax collection in the second quarter,-- the CBDT official said.
Last year, the government collected about 290 billion rupees in advance taxes in the September quarter, he said.
The final figures for this year's second quarter advance tax receipts are yet to be collated by the Finance Ministry as it takes time for banks from smaller cities to send the data, the official added.
Advance tax receipts, which reflect corporate profit growth, were up 24.1 percent at 213.68 billion rupees in the June quarter, slower than that a year earlier, as oil companies suffered revenue losses and paid less tax.
Following are the approximate advance tax payments by top companies as furnished by finance ministry officials: ------------------------------------------------------------ Company Advance tax payment for September quarter
(in rupees billion)
2008/09 2007/08 ------------------------------------------------------------ ONGC 24.12 24.01 SBI 15.60 10.54 SAIL 10.61 9.00 Tata Steel 10.00 4.45 LIC 8.70 7.31 NMDC 8.00 4.50 Reliance Industries 6.49 6.83 BHEL 6.40 4.70 NTPC 6.04 5.26 GAIL 5.40 2.81 ------------------------------------------------------------ (Reporting by Manoj Kumar; Editing by Prem Udayabhanu)
...
NEW DELHI, Sept 19 (Reuters) - India is expecting 25 percent growth in advance tax collections at about 362.5 billion rupees in the September quarter, an official at the Central Board of Direct Taxes told Reuters on Friday.
By September 15, companies such as Oil and Natural Gas Corp. (ONGC.BO: Quote, Profile, Research), State Bank of India (SBI.BO: Quote, Profile, Research), Steel Authority of India Ltd (SAIL.BO: Quote, Profile, Research) and Tata Steel (TISC.BO: Quote, Profile, Research) paid more than 10 billion rupees in taxes for the second quarter, the official said.
Other firms who figured among the top 10 taxpayers included Life Insurance Corp, NMDC (NMDC.BO: Quote, Profile, Research), Reliance Industries (RELI.BO: Quote, Profile, Research), Bharat Heavy Electricals Ltd (BHEL.BO: Quote, Profile, Research) and GAIL (GAIL.BO: Quote, Profile, Research).
--We are expecting at least 25 percent growth in advance tax collection in the second quarter,-- the CBDT official said.
Last year, the government collected about 290 billion rupees in advance taxes in the September quarter, he said.
The final figures for this year's second quarter advance tax receipts are yet to be collated by the Finance Ministry as it takes time for banks from smaller cities to send the data, the official added.
Advance tax receipts, which reflect corporate profit growth, were up 24.1 percent at 213.68 billion rupees in the June quarter, slower than that a year earlier, as oil companies suffered revenue losses and paid less tax.
Following are the approximate advance tax payments by top companies as furnished by finance ministry officials: ------------------------------------------------------------ Company Advance tax payment for September quarter
(in rupees billion)
2008/09 2007/08 ------------------------------------------------------------ ONGC 24.12 24.01 SBI 15.60 10.54 SAIL 10.61 9.00 Tata Steel 10.00 4.45 LIC 8.70 7.31 NMDC 8.00 4.50 Reliance Industries 6.49 6.83 BHEL 6.40 4.70 NTPC 6.04 5.26 GAIL 5.40 2.81 ------------------------------------------------------------ (Reporting by Manoj Kumar; Editing by Prem Udayabhanu)
...
30 Sep 2008 11:16
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India Sept qtr advance tax seen up 25 pct y/y
NEW DELHI, Sept 19 (Reuters) - India is expecting 25 percent growth in advance tax collections at about 362.5 billion rupees in the September quarter, an official at the Central Board of Direct Taxes told Reuters on Friday.
By September 15, companies such as Oil and Natural Gas Corp. (ONGC.BO: Quote, Profile, Research), State Bank of India (SBI.BO: Quote, Profile, Research), Steel Authority of India Ltd (SAIL.BO: Quote, Profile, Research) and Tata Steel (TISC.BO: Quote, Profile, Research) paid more than 10 billion rupees in taxes for the second quarter, the official said.
Other firms who figured among the top 10 taxpayers included Life Insurance Corp, NMDC (NMDC.BO: Quote, Profile, Research), Reliance Industries (RELI.BO: Quote, Profile, Research), Bharat Heavy Electricals Ltd (BHEL.BO: Quote, Profile, Research) and GAIL (GAIL.BO: Quote, Profile, Research).
\\\\...
NEW DELHI, Sept 19 (Reuters) - India is expecting 25 percent growth in advance tax collections at about 362.5 billion rupees in the September quarter, an official at the Central Board of Direct Taxes told Reuters on Friday.
By September 15, companies such as Oil and Natural Gas Corp. (ONGC.BO: Quote, Profile, Research), State Bank of India (SBI.BO: Quote, Profile, Research), Steel Authority of India Ltd (SAIL.BO: Quote, Profile, Research) and Tata Steel (TISC.BO: Quote, Profile, Research) paid more than 10 billion rupees in taxes for the second quarter, the official said.
Other firms who figured among the top 10 taxpayers included Life Insurance Corp, NMDC (NMDC.BO: Quote, Profile, Research), Reliance Industries (RELI.BO: Quote, Profile, Research), Bharat Heavy Electricals Ltd (BHEL.BO: Quote, Profile, Research) and GAIL (GAIL.BO: Quote, Profile, Research).
\\\\...
29 Sep 2008 13:42
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Thanks choco for bringing the truth to light !
emkay-jee look at your own figures for NMDC for Total Profit and Sales vis-a-vis other mining companies and justify your own conclusions.
NMDC is one of the BEST stocks to be invested in the present market situation due to its solid fundamentals.
emkay-jee are you part of the bear operator cartel who wants to snatch NMDC from others ?...
emkay-jee look at your own figures for NMDC for Total Profit and Sales vis-a-vis other mining companies and justify your own conclusions.
NMDC is one of the BEST stocks to be invested in the present market situation due to its solid fundamentals.
emkay-jee are you part of the bear operator cartel who wants to snatch NMDC from others ?...
28 Sep 2008 19:42
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NMDC to negotiate iron ore prices with foreign mills
Posted : Sun, Sept 28,2008 1:06 PM IST
New Delhi: Country’s largest iron ore miner NMDC Ltd is likely to negotiate the long-term contract prices of its iron ore exported to foreign steel makers this week, said government sources.
The move holds significance for domestic steel producers like Essar, Ispat and RINL, as prices of iron ore supplied by NMDC to them are determined on the basis of the percentage increase accepted by Japanese and South Korean steel mills duly adjusted to rupee-dollar parity.
--An Indian delegation including officials from NMDC and Ministries of Commerce and Steel would leave for a five-day visit to Japan and Korea from September 29 to finalise annual price and quantity of iron ore to be supplied to the steel mills there,-- a senior government official said.
The Ministry of External Affairs has already given its no objection to the tour from political angle, he added.
NMDC’s price negotiation with the foreign steel producers including Posco has been in limbo for last couple of months following Commerce Ministry’s reservation on the PSU’s plan seeking up to 97% hike in iron ore prices.
The Ministry is of the view that NMDC should go for a moderate price revision taking into account India’s long-term bilateral trade relationship with the two countries.
It is also thinks the entire exercise by NMDC to get higher tariff from exports to Japan and Korea is based on the presumption that its domestic long-term prices would be revised upwards from Rs2,546 to Rs3,510 a tonne.
The Steel Ministry, however, has given its nod to the revision of rates stating the prices are to be negotiated with steel makers and not with the two countries.
Of its 30 million tons of annual iron ore production, NMDC exports around 3.5 million tons.
...
Posted : Sun, Sept 28,2008 1:06 PM IST
New Delhi: Country’s largest iron ore miner NMDC Ltd is likely to negotiate the long-term contract prices of its iron ore exported to foreign steel makers this week, said government sources.
The move holds significance for domestic steel producers like Essar, Ispat and RINL, as prices of iron ore supplied by NMDC to them are determined on the basis of the percentage increase accepted by Japanese and South Korean steel mills duly adjusted to rupee-dollar parity.
--An Indian delegation including officials from NMDC and Ministries of Commerce and Steel would leave for a five-day visit to Japan and Korea from September 29 to finalise annual price and quantity of iron ore to be supplied to the steel mills there,-- a senior government official said.
The Ministry of External Affairs has already given its no objection to the tour from political angle, he added.
NMDC’s price negotiation with the foreign steel producers including Posco has been in limbo for last couple of months following Commerce Ministry’s reservation on the PSU’s plan seeking up to 97% hike in iron ore prices.
The Ministry is of the view that NMDC should go for a moderate price revision taking into account India’s long-term bilateral trade relationship with the two countries.
It is also thinks the entire exercise by NMDC to get higher tariff from exports to Japan and Korea is based on the presumption that its domestic long-term prices would be revised upwards from Rs2,546 to Rs3,510 a tonne.
The Steel Ministry, however, has given its nod to the revision of rates stating the prices are to be negotiated with steel makers and not with the two countries.
Of its 30 million tons of annual iron ore production, NMDC exports around 3.5 million tons.
...
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