NMDC tumbled 4.68% to Rs 103.90 after the company slashed iron ore prices with effect from today, 12 July 2022.
The company has fixed lump ore (65.5%, 6-40mm) at Rs 3,900 per ton while the price of fines (64%, -10mm) has been fixed at Rs 2,810 per ton.
NMDC has reduced lump ore prices by 11.4% while the price of fines has been decreased by 15.1%.
On June 5, the company had fixed lump ore and fines prices at Rs 4,400 per ton and Rs 3,310 per ton, respectively.
NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of 31 March 2022, the Government of India holds 60.79% stake in the company.
The iron ore mining company reported a 36% fall in standalone net profit to Rs 1,815.05 crore in Q4 FY22 as against Rs 2,837.58 crore in Q4 FY21.
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