Any upside towards the 11,400-mark can be used to go short, with a stop loss of 11,554, says Mehul Kothari
Net Sales are expected to decrease by 12.4 percent Y-o-Y (down 34.6 percent Q-o-Q) to Rs. 2,135 crore, according to ICICI Direct.
ICICI Securities, in a recent note, maintained its one-year target for the Nifty at 13,400, which translates into an upside of 20 percent from current levels.
The revised prices exclude royalty, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit fee and other taxes.
The state-owned iron ore mining company cut lumps price by Rs 200 per tonne to Rs 2,700 per tonne.
In July, NMDC had sent a notice to terminate the contract awarded to BHEL for setting up the system.
ICICI Direct recommended Hold rating on NMDC with a target price of Rs 115 in its research report dated August 16, 2019.
NMDC has kept the prices of lump ore and fines unchanged at Rs 3,100 per tonne and Rs 2,860 per tonne, respectively, with effect from August 3, according to a regulatory filing.
The company had posted a profit of Rs 974.29 crore in the year-ago quarter, NMDC said in a filing to the BSE.
Net Sales are expected to increase by 39.3 percent Y-o-Y (down 7.4 percent Q-o-Q) to Rs. 3,374.8 crore, according to Kotak.
On June 26, NMDC issued a notice to engineering firm BHEL invoking termination clause, seeking reply from the engineering firm, as the latter has not been able to complete a Rs 1,395-crore contract awarded to it in 2011, whose completion date was February 28, 2014.
Net Sales are expected to increase by 34.2 percent Y-o-Y (down 10.8 percent Q-o-Q) to Rs. 3,250.6 crore, according to ICICI Direct.
Net Sales are expected to increase by 35.9 percent Y-o-Y (down 9.7 percent Q-o-Q) to Rs. 3,290.4 crore, according to Prabhudas Lilladher.
Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 1.5 points or 0.01 percent. Nifty futures were trading around 11,752-level on the Singaporean Exchange.
ICICI Direct recommended hold rating on NMDC with a target price of Rs 115 in its research report dated May 30, 2019.
The adivasis were protesting the proposed mining of a hill, considered sacred. The hill was to be mined by NCL, a joint venture between NMDC and the state's Mineral Development Corporation.
Nearly 70 percent of NMDC's sales came from Chhattisgarh mines in FY19
Thousands of tribals, under the banner of the Sanyukt Panchayat Samiti, have resorted to protest against iron ore mining on hills in the deposit no. 13 since June 7.
When a medium-term moving average (50-day) crosses above a longer-term moving average (200-days) it is termed as a Golden Cross
Total income during the March quarter declined to Rs 3,839.40 crore from Rs 4,053.16 crore in January-March 2018, the statement said.
The company produced 2.21 MT iron ore from its mines in Chhattisgarh, while its production from Karnataka mines stood at 0.69 MT.
Amitava Mukherjee, Director (Finance), NMDC, said the Indian iron ore miner currently holds 76 percent in Legacy Iron Ore Limited,a Perth-based Australian exploration company focussed on development of iron ore, gold and base metal deposits.
Net Sales are expected to decrease by 2.1 percent Y-o-Y (up 4.2 percent Q-o-Q) to Rs. 3,801.7 crore, according to ICICI Direct.
Net Sales are expected to decrease by 16.9 percent Y-o-Y (down 11.6 percent Q-o-Q) to Rs. 3,226 crore, according to Prabhudas Lilladher.