Karnataka plans to auction the Donimalai iron ore mine as NMDC, majority owned by the Indian government, refused to pay an additional levy on ore sales from the mine, he said.
Motilal Oswal is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 110 in its research report dated December 06, 2018.
There is some caution ahead of the outcome of the RBI's monetary policy review meet which triggered profit-taking as the session progressed, suggest experts.
The revised prices exclude royalty, District Mineral Fund, National Mineral Exploration Trust, cess, forest permit fee and other taxes.
The company produced 9.64 MT iron ore from its mines in Chhattisgarh, while its production from Karnataka mines stood at 5.83 MT, NMDC said in a filing to BSE.
NMDC has suspended iron ore mining from its Donimalai mine in Karnataka following the state governments decision to impose 80 per cent premium on ore sales from that mine whose lease has been extended by the Karnataka government with effect from November 4 for a period of 20 years.
The research house also reduced its FY20-21 EPS estimates by 9-5 percent as it feels Donimalai lease issues may be a drawn-out legal battle.
The mining company said it has requested the government to reconsider its decision and the Karnataka Chief Minister Kumaraswamy had convened a meeting with senior officials on November 14.
Motilal Oswal is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 175 in its research report dated November 13, 2018.
JP Morgan said NMDC's Donimalai mine renewal issue becomes more difficult and there could be a long legal route ahead and possibility of production being lost.
Total income rose to Rs 2,568.87 crore during the quarter, compared with Rs 2,531.18 crore a year ago.
NMDC sales plunged sharply by 81 percent to 13.40 million tonne in first two quarters of FY19, against 70.61 million tonne sales reported in corresponding period last fiscal.
Net Sales are expected to increase by 10.3 percent Y-o-Y (up 10.2 percent Q-o-Q) to Rs. 2,669.8 crore, according to ICICI Direct.
According to chairman cum managing director of NMDC, Baijendra Kumar the centre has put on hold the disinvestment plan of the steel plant 'as of now'.
ICICI Direct is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 140 in its research report dated September 12, 2018.
At current market capitalisation of Rs 37,400 crore its stock is trading at 9 times its expected earnings, which is reasonable.
The company produced 6.17 MT iron ore from its mines in Chhattisgarh and 3.68 MT from the mine in Karnataka, NMDC said in a filing to BSE.
Kotak Securities is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 125 in its research report dated August 29, 2018.
Motilal Oswal is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 178 in its research report dated August 08, 2018.
ICICI Direct recommended hold rating on NMDC with a target price of Rs 105 in its research report dated August 10, 2018.
Strong earnings growth and cash in the books makes Nalco an attractive buy in aluminium space.
In the April-July period, production and sales of iron ore (provisional) stood at 8.39 million tonne and 8.72 million tonne, respectively
The miner spends Rs 150 crore to Rs 200 croreper annumon CSR activities, Kumar said in his address at the 158thIncome Tax Day celebrations here.
Net Sales are expected to decrease by 12.5 percent Y-o-Y (down 36 percent Q-o-Q) to Rs. 2,486 crore, according to ICICI Direct.