
Shares of NMDC Ltd will be in focus on Tuesday after the state-run metal mining company released provisional iron ore production and sales data for March. NMDC said its total production for the month fell 13.21 per cent to 4.86 million metric tonnes (mt) from 5.06 m in the year-ago month. Total sales for March tumbled 18.18 per cent to 3.96 mt from 4.84 mt on a year-on-year (YoY) basis, said the exchange filing.
NMDC's production and sales performance was hit due to weak performance in Karnataka, while Chhattisgarh's performance was flat. Production and sales in Karnataka tumbled 60.56 per cent and 65.34 per cent on a YoY basis to 0.56 mt and 0.61 mt, respectively. Production and sales in Chhattisgarh grew 3 per cent and 8 per cent, respectively, to 3.35 mt and 3.08 mt, respectively.
NMDC, formerly National Mineral Development Corporation, is an Indian public sector undertaking involved in the exploration of iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal. It is India's largest iron ore producer and exporter in the country.
For FY24, NMDC's total production jumped 10.48 per cent to 45.10 mt from 40.82 mt in the year ended on March 31, 2023. The PSU miner's sales for the year April 2023-March 2024 came in at 44.48 mt, up 16.37 per cent from 38.22 mt from the year ago period.
Karnataka's production and sales for the entire year 2023-24 increased 7.55 per cent and 13.95 per cent YoY to 12.67 m and 13.15 mt, respectively. Similarly, production and sales figures in Chhattisgarh grew 11.67 per cent and 17.87 per cent to 32.43 t and 31.33 mt, respectively. Shares NMDC surged 5.4 per cent on Monday to settle at 212.60. The company's total valuation stood more than Rs 62,300 crore at the previous day's close.