/ NMDC Soars Owing To Iron-Ore Price Rise ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 3 January 2017

NMDC, a state controlled mining company has surged 1.5% and stands at Rs 130 after company increased its Lump ore prices. The company is owned by Government of India and operates under the administrative control of the Ministry of Steel.

The iron ore prices w.e.f. January 3 have been fixed at Rs 2225/WMT for Lump ore; while at Rs 1985/WMT for Fines. The prices exclude Royalty, DMF, NMET, cess and Forest Permit fee. With the price rise, company intends to reach its iron-ore output target. For this NMDC is looking for added mining leases in Odisha, Jharkhand, Karnataka, Chhattisgarh and few more SPVs.

Consequently, NMDC is expected to increase its production capacity to nearly 75 MTPA and 100 MTPA by 2018-19 and 2021-22, respectively. Company’s current capacity stands at 30 MTPA. The stock of NMDC is trading up for the fourth consecutive day, reversing from Rs 118 during the last week. Once 131-132 level is crossed on the upside on a closing basis, we can expect a trend reversal in NMDC in the near term.
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