NMDC share price: NMDC stock climbs as co targets 100 MT production capacity by 2030
Source: Business Standard
NMDC shares advanced as much as 3 per cent on Friday, September 13, to register an intraday high of Rs 221.9 per share. The counter saw buying after the company announced its plan to nearly double its production capacity to 100 million tonnes (MT) by 2030.
The transition from 45 MT to 100 MT by 2030 is ambitious, yet rooted in sustainability and innovation, said Amitava Mukherjee, CMD (Additional Charge) of NMDC.
At 2:12 PM, shares of NMDC were up 2.74 per cent at Rs 221.4 per share on the BSE. In comparison, the BSE Sensex was trading higher by a marginal 11.12 points, at 82,974.
The country’s largest iron ore miner announced on Thursday, September 12, that it is looking into mining prospects for critical minerals abroad, including a lithium block in Australia.
“NMDC is… pursuing overseas mining opportunities for critical minerals like lithium, cobalt, and nickel through its subsidiary, Legacy India Iron Ore Ltd, which includes lithium mining operations in Australia,” the company said in a statement.
The expansion is expected to enhance the company’s infrastructure, operations and global standing, aligning with the country’s industrial growth.
The expansion of NMDC is driven by the growing domestic and international demand for iron ore, fueled by rapid industrialisation.
Moreover, the company’s strategic investment plan focuses on augmenting production capacity and improving evacuation infrastructure, NMDC said in a statement.
NMDC Q1FY25 results
The company reported a net profit of Rs 1,984 crore for the June quarter, compared to the Rs 1,650 crore net profit it reported in the year-ago period. The revenue for the quarter stood at Rs 5,378 crore, compared to Rs 5,395 crore in the corresponding quarter last year.
Meanwhile, total income for the quarter ended June 30 stood at Rs 5,742 crore, compared to Rs 5,675 crore, a year ago.
In the past one year, the shares of NMDC have gained 51.5 per cent, against the BSE Sensex’s rise of 23 per cent during the same period.
First Published: Sep 13 2024 | 2:55 PM IST
