NMDC Board approves dividend of Rs 7.76 per equity share
The rate of interim dividend was finalised at the meeting of Board of Directors on March 11.
March 11, 2021 / 06:44 PM IST
69.65 percent of the stakes in the company are owned by the Union government (Representative image)
The National Mineral Development Corporation (NMDC) Limited has approved a dividend of Rs 7.76 per equity share, the state-run company announced on March 11 following a board meeting.
"The Board of Directors of the Company agreed to declare an interim dividend of the rate of Rs 7.76 per equity share of face value of Re 1," the public sector mineral producer said in a regulatory filing.
"The interim dividend shall be paid as per the provision of the Companies Act, 2013," it further added.
Incorporated in 1958 as the Government of India's fully owned public enterprise, NMDC Ltd functions under administrative control of the Ministry of Steel. 69.65 percent of the stakes in the company are owned by the Union government.
In third quarter of FY21, it had reported a 54.75 percent surge in consolidated net profit to Rs 2157.81 crore. The increase in profit was attributed to a 44.86 percent jump in sales to Rs 4355.10 crore in Q3 FY21, as compared to the same quarter in the previous financial year.
Notably, NMDC is India's largest iron ore producer. The company is presently producing about 35 million tonnes of iron ore at the 3 mechanised mines it operates - two of them located in Chhattisgarh and one in Karnataka.