PSU Stock Under Rs 68 Soars 14.07% After Change In Management, Jumps 34% In 2-Weeks

Small cap public sector undertaking operating under metal & ferrous sector, NMDC Steel Ltd shares zoomed 14.07% intraday today on BSE after the company via its BSE filing dated January 20, 2024 informed about change in management. Current market price of NMDC Steel shares on BSE is Rs 66.90. The company has a market capitalisation of Rs 19,500.25 crore. NMDC Steel shares zoomed 26% in last 1-month and rose 32% in last 2-weeks. Check details below:

NMDC Steel Informs About Change of Management: As per the regulatory filing of NMDC Steel dated January 20, 2024, "this is to intimate that Ministry of Steel, Govt. of India vide Order dated 19.01.2024 has communicated that the Competent Authority, in exercise of the powers conferred by sub-rule 1 of Rule 20 of the Conduct, Discipline and Appeal Rules, 1978 of NMDC Ltd. has placed Shri V. Suresh, Director (Commercial), NMDC Ltd. under suspension with immediate effect."

Further, in terms of its earlier Order dated 20.03.2023, Ministry of Steel, Govt. of India had intimated that CMD, Functional Directors and Government Directors of NMDC Limited will also be the CMD, Functional Directors and Government Directors of NMDC Steel Limited respectively on co-terminus basis, till further communication in this regard, added the exchange filing of the company.

NMDC Steel Stock Performance & Return: The 52-week high price of NMDC Steel shares on BSE is Rs 66.90 per share and 52-week low price is Rs 29.05 per share, respectively. NMDC Steel shares witnessed spurt in volume by more than 3.24 time. NMDC Steel shares gained 28% in last 1-month, rose 64% in last 3-months, and offered return of 39% in last 6-months.

NMDC Steel Financials: The leading company for the quarter ended September 30, 2023 declared a surge of more than 15% in its quarterly profit amid robust iron ore sales. The company's profit zoomed to Rs 1028 crore for Q2 that ended on September 30, 2023 as compared to Rs 889 crore reported in the corresponding quarter of last year. It recorded a jump of 21% in its revenue produced from its iron ore segment as compared to last year.

About: NMDC Steel Limited is a Government Company under administrative control of Ministry of Steel, Govt. of India. The shares of the Company are listed on BSE, NSE and Calcutta Stock Exchange. The Company owns and operates the state of the art 3.0 MTPA steel plant at Nagarnar, Chhattisgarh, according to its official website.

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