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Indian-Commodity  :  Equity & Shares  :  NMDC moves higher on eyeing 20% growth in FY18

NMDC moves higher on eyeing 20% growth in FY18 (26-Sep-2017)

NMDC is currently trading at Rs. 121.70, up by 1.35 points or 1.12% from its previous closing of Rs. 120.35 on the BSE.

The scrip opened at Rs. 122.00 and has touched a high and low of Rs. 122.65 and Rs. 120.15 respectively. So far 62404 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 152.50 on 02-Mar-2017 and a 52 week low of Rs. 101.10 on 30-Sep-2016.

Last one week high and low of the scrip stood at Rs. 135.00 and Rs. 117.90 respectively. The current market cap of the company is Rs. 38536.19 crore.

The promoters holding in the company stood at 74.94%, while institutions and non-institutions held 21.28% and 3.78% respectively.

NMDC is expecting a growth of 20 per cent in FY18 over last year. In this regards, the state-owned mining major is planning to deploy a capex of about Rs 3,000 crore this fiscal in capacity expansion and for deployment in Nagarnar Steel.

The company is in the process of finalising a strategy for divestment of Nagarnar Steel Plant, coming up at Bastar in Chhattisgarh. About Rs 12,559 crore has been spent on the 3 million tonne per annum steel plant so far and it is preparing to start operations.

The company has achieved record iron ore production of 34 mt and sales of 35.6 mt during 2016-17, which was 19 per cent and 24 per cent higher year-on-year. The turnover at Rs. 8,830 crore was 37 per cent higher than in 2015-16. Net worth of the company was at Rs. 22,519 crore as on March 31, 2017.

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.

 


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