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NMDC's Stock Soars as Company Achieves Record-Breaking Profit Margin

NMDC's Stock Soars as Company Achieves Record-Breaking Profit Margin

Shares of NMDC surged over 5% following the release of its December quarter financial results, with the state-owned company reporting a notable increase in net profit. The stock price rose by 5.31% to reach Rs 248 per share on the BSE and similarly climbed by 5.29% to the same price on the NSE. During intra-day trading, NMDC's stock hit a 52-week high of Rs 252.65 on the BSE and Rs 252.40 on the NSE.

Meanwhile, the broader market saw a modest uptick, with the BSE Sensex gaining 50.28 points (0.07%) and the NSE Nifty rising by 0.1% in the morning session.

In a regulatory filing, NMDC disclosed a significant jump in its consolidated net profit, which increased by 62% to Rs 1,469.73 crore compared to Rs 903.89 crore in the corresponding period last year. This growth was primarily driven by higher income, as the company's total income surged to Rs 5,746.47 crore from Rs 3,924.75 crore a year ago.

Additionally, NMDC's board approved an interim dividend of Rs 5.75 per equity share for the fiscal year 2023-24, with February 27 set as the record date for determining shareholders eligible for the dividend.

As India's largest iron ore mining company, NMDC plays a crucial role in meeting approximately 20% of the country's demand for this vital raw material in steel production.

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NMDC's Stock Soars as Company Achieves Record-Breaking Profit Margin

NMDC's Stock Soars as Company Achieves Record-Breaking Profit Margin

Shares of NMDC surged over 5% following the release of its December quarter financial results, with the state-owned company reporting a notable increase in net profit. The stock price rose by 5.31% to reach Rs 248 per share on the BSE and similarly climbed by 5.29% to the same price on the NSE. During intra-day trading, NMDC's stock hit a 52-week high of Rs 252.65 on the BSE and Rs 252.40 on the NSE.

Meanwhile, the broader market saw a modest uptick, with the BSE Sensex gaining 50.28 points (0.07%) and the NSE Nifty rising by 0.1% in the morning session.

In a regulatory filing, NMDC disclosed a significant jump in its consolidated net profit, which increased by 62% to Rs 1,469.73 crore compared to Rs 903.89 crore in the corresponding period last year. This growth was primarily driven by higher income, as the company's total income surged to Rs 5,746.47 crore from Rs 3,924.75 crore a year ago.

Additionally, NMDC's board approved an interim dividend of Rs 5.75 per equity share for the fiscal year 2023-24, with February 27 set as the record date for determining shareholders eligible for the dividend.

As India's largest iron ore mining company, NMDC plays a crucial role in meeting approximately 20% of the country's demand for this vital raw material in steel production.

 
 
 

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