Best-ever June in terms of production sets NMDC shares on a rally

The state-owned miner in an exchange filing said it produced 3.48 million tonnes and sold 4.1 million tonnes (MnT) of iron ore in the third month of FY24.

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Shares of NMDC edged up on Monday after the company recorded its best ever production for the month of June and for the first quarter of a fiscal year in history, which is likely to boost its revenue.

The state-owned miner said in an exchange filing that it produced 3.48 million tonnes and sold 4.1 million tonnes (MnT) of iron ore in the third month of FY24.

“NMDC’s cumulative production and sales in Q1 of FY24 witnessed a 20 percent and 45 percent growth. In the first quarter of the financial year, the company produced 10.70 MnT and sold 11.15 MnT iron ore,” it said.

As of 9.45am, NMDC shares traded up 2.34 percent to Rs 107.10 on the BSE. The stock has not performed well in the current year, losing about 15 percent year-to-date. In the last one year, it climbed 20 percent.

“Our record of highest ever Q1 and June production and sales since inception resonates with our agile and diligent investments in mine planning, expansion and very efficient human assets,” said Amitava Mukherjee, CMD (Addl. Charge), NMDC.

Analysts see the company continue to report such production numbers. “While we consider the target of 46-50 MnT production volume in FY24 as daunting, we believe NMDC is likely to gain from overall steel production growth in the country, expected at 6-7 percent in FY24,” said Amit Dixit, a research analyst at ICICI Securities, who has a target of Rs 118 on the stock.

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Alok Deora, Research analyst at Motilal Oswal, also has a positive view on the stock with target at Rs 135 even as he sees price headwinds going ahead.

Key downside risks to our target price are any further price reduction in global market, which would have a domino effect on the prices of NMDC as well and considering the lacklustre response received during the recent auctions would also impact NMDC’s FY24 target of 50 MnT production,” he added.

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