NMDC shares surge to 52-week high on strong Q3 performance

NMDC has been added to MSCI’s Global Standard index after a February review and is expected to drive $169 million worth of inflows in the counter

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Shares of NMDC soared over 7 percent to hit a 52-week high of Rs 252.40 in early deals on February 15 after the company posted stellar earnings for the December quarter.

At 10.13 am, NMDC was trading at Rs 251.25 on the National Stock Exchange.

India’s largest iron ore producer reported a 62.6 percent on year growth in consolidated net profit at Rs 1,469.73 crore in the December quarter, driven by healthy domestic demand for steel.

The company’s consolidated revenue rose 45 percent to Rs 5,409.90 crore. NMDC’s average selling price also moved in tandem with international iron ore prices, which remained strong in the third quarter, which, along with the strong domestic demand, led to multiple price hikes.

The company also recorded its second best ever quarterly production and volume. Production jumped 15 percent on year to 12.2 mt, while volume rose 19 percent to 11.4 mt.

Higher realisations, lower freight costs and other expenses helped in an EBITDA expansion. In Q3, the company’s EBITDA stood at Rs 2,000 crore, up 76 percent on year.

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Brokerage firm Motilal Oswal Financial Services said NMDC’s numerous capex programmes will increase its mining capacity to 70-75 mt from 50 mt. The firm sees other steel manufacturers across the sector also increasing their domestic presence through capacity expansions, which MOFSL believes will provide a much-needed thrust to NMDC.

MOFSL has a “buy” call for the stock with a price target of Rs 236, which may be revised following the company’s earnings call later in the day.

The stock has been added to MSCI’s Global Standard index after the February review and is expected to drive $169 million worth of active and passive inflows in the counter.

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