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NMDC share price gains 4% after iron ore production for December rises 23%

Its iron ore production for the month of December 2020 was 3.86 MT against the production level of 3.13 MT in December 2019, registering a growth of 23.3 percent.

January 04, 2021 / 09:57 AM IST
NMDC | Provisional production increased to 3.86 MT in December 2020, from 3.13 MT in December 2019, while sales rose to 3.62 MT from 3.04 MT in same periods.

NMDC | Provisional production increased to 3.86 MT in December 2020, from 3.13 MT in December 2019, while sales rose to 3.62 MT from 3.04 MT in same periods.

 
 
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NMDC share price gained over 4 percent in the morning session on January 4 after the company declared its production for the month of December.

The country's largest iron ore producer continued the impressive performance run in the month of December 2020. Its iron ore production for the month of December 2020 was 3.86 MT against the production level of 3.13 MT in December 2019, registering a growth of 23.3 percent.

Iron ore production in Q3 of FY20 was 9.61 MT against the production of 8.56 MT in Q3 of FY19, a growth of 12.3 percent. Iron ore sales for the month of December 2020 was 3.62 MT against the sales level of 3.04 MT in December 2019, a growth of 19.1 percent. Iron ore sales in Q3 of FY20 is 9.44 MT against the sales in Q3 of FY19 is 8.44, thereby registering a growth of 11.8 percent.

The stock was trading at Rs 121.55, up Rs 5.20, or 4.47 percent at 09:32 hours. It has touched an intraday high of Rs 121.65 and an intraday low of Rs 117.65.

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Brokerage firm Prabhudas Lilladher has upgraded NMDC to buy with a target of Rs 125 based on EV/EBITDA of 3.7x FY22 for iron ore operations (factoring 22.5 percent premium on entire operations) and EV/T of USD 475 for 3mtpa steel plant.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: Price above short, medium and long term moving averages. The company has low debt with book value per share Improving for last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Jan 4, 2021 09:57 am

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