NMDC shares climb after double-digit growth in April production, sales numbers

These are provisional numbers by NMDC which has mines in Chhattisgarh and Karnataka.

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The double-digit growth in production and sales numbers for April helped NMDC shares gain over 1 percent on May 2. The stock reported a better performance today after consolidation for more than a week.

Production in April 2023 was 3.51 million tonnes, growing 11.4 percent over 3.15 million tonnes of production in the corresponding period last year, the state-owned iron ore company said in its filing to exchanges.

Sales growth was also strong at nearly 10 percent for the same period. “Sales increased from 3.12 million tonnes in April 2022, to 3.43 million tonnes in April 2023,” NMDC said.

These are provisional numbers from the company which has mines in Chhattisgarh and Karnataka.

The country’s single largest iron ore producer operates four iron ore mechanised mines – Bailadila iron ore Mines (Kirandul complex) & Bailadila iron ore mine (Bacheli complex) in Chhattisgarh, and Donimalai and Kumaraswamy iron ore mines in Karnataka.

NMDC last week fixed the prices of lump ore at Rs 4,200 per tonne, and fines at Rs 4,010 per tonne.

The stock traded at Rs 109.95 on the NSE, up 1.35 percent at 2:02pm.