NMDC soars on increasing iron ore lumps prices by 7% in June

NMDC is currently trading at Rs. 187.00, up by 6.30 points or 3.49% from its previous closing of Rs. 180.70 on the BSE. The scrip opened at Rs. 183.00 and has touched a high and low of Rs. 187.35 and Rs. 183.00 respectively. So far 309575 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 1 has touched a 52 week high of Rs. 189.35 on 21-May-2014 and a 52 week low of Rs. 92.65 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 187.35 and Rs. 168.30 respectively. The current market cap of the company is Rs. 74120.37 crore. The promoters holding in the company stood at 80.00% while Institutions and Non-Institutions held 16.80% and 3.20% respectively. National Mineral Development Corporation (NMDC), a state-run iron ore miner, has increased iron ore lumps prices for the month of June by 7%. Besides, it has also upped the iron ore fine prices for the month under review by 8.6%. Earlier, state-owned company, after keeping prices unchanged for two months, in the month of May slashed prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May due to continuing weak demand. In March and April, the company had kept its prices unchanged while it had raised the rates of iron ore fines by Rs 100 per tonne in February. NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.