NMDC Shares Jump 10% Post Results

Shares in iron ore mining company, NMDC jumped 10 per cent post its quarterly numbers. The stock was last trading at Rs 105.50 on the National Stock Exchange.

The rally was despite the company reporting a nearly 41 per cent drop in its June-quarter revenue to Rs 1,937.5 crore. The net profits for the first quarter plunged 55 per cent to Rs 533 crores.

NMDC like many other companies was impacted during the course of the quarter by Covid-19 induced lockdown.

"There has been a loss of around 18.23 LT of Production and 23.94 LT of Sale of Iron ore during FY 2020-21. This has resulted in an estimated loss in sales revenue of Rs 737 Crore and PST of Rs 317 crore," the company said in a release.