Shares of NMDC Ltd., the state-run company will be in focus on Wednesday, October 23, after it announced another increase in prices of Lump Ore and Fines.
This is the second time that NMDC has hiked prices of its products in the month of October.
As per its exchange filing, NMDC has hiked the price of Lump Ore by ₹600 to ₹6,350 per tonne, while the prices of Fines have been hiked by ₹400 to ₹5,410 per tonne.
At these levels, the prices of NMDC’s Lump Ore and Fines are at the highest level since May this year.
Interestingly, the price hike from NMDC comes amidst a decline in global iron ore prices.
Iron ore prices are down 11% to levels of SG$101 from the recent high of SG$114 that they had hit on October 8 this year.
Earlier this month, NMDC had hiked the price of Lump Ore to ₹5,750 per tonne and the prices of fines to ₹5,010 per tonne.
Shares of NMDC ended 4.5% lower on Tuesday at ₹215.49. The stock has nearly given up all the gains for the year but is still holding on to gains of 43% over the last 12 months.
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