Stock To Add: Mining PSU Set To Go Ex-Date For Rs 5.75/Share Dividend, TP Rs 277

ICICI Securities has recommended add call to large cap Navratna public sector undertaking (PSU) NMDC share with target price of Rs 277 apiece. Current market price of NMDC Ltd shares on BSE is Rs 238.50 apiece with intraday fall of 0.17%. NMDC stock offered shareholders 103% return in last 1-year and 95% return in last 6-months. Check details below:

NMDC Shares Performance & Return: The 52-week high price of NMDC shares on BSE is Rs 252.65 apiece and 52-week low price is Rs 103.75 apiece, respectively. The PSU has a market capitalisation of Rs 69,894.95 crore. NMDC shares rallied 38% in last 3-months, gained 105% in last 2-years, and soared 138% in last 3-years. The scrip zoomed 202% in last 5-years.

NMDC Technical Analysis: The RSI is 56.4, RSI below 30 is considered oversold and above 70 overbought. MFI is 55.3, MFI below 30 is considered oversold and above 70 overbought. FII/FPI have increased holdings from 8.32% to 9.91% in Dec 2023 quarter. Mutual Funds have increased holdings from 8.19% to 8.74% in Dec 2023 quarter, according to Trendlyne.

NMDC Declared Interim Dividend: As per the BSE filing of the company, the Board of Directors of the PSU announced an interim dividend of Rs 5.75 per equity share of face value of Re 1/- each for the financial year 2023-24. Record date for the payment of dividend is set on February 27.

NMDC Dividend Yield: The company announced 44 dividends since August 28, 2002. In the last 12 months, NMDC announced an equity dividend amounting to Rs 2.85 per share. If the current share price of Rs 238.50 is taken into consideration, NMDC offers dividend yield of 1.20%.

NMDC Q3 Results: The company declared a surge of 62.6% in its consolidated net profit for the quarter ended December 2023 as against the net profit in the corresponding quarter, amid robust domestic steel demand. The company's earnings jumped to Rs 1,469.73 crore for the three periods ended December 2023 as compared to Rs 903.89 crore announced in the similar period last year. Sequentially, the PSU's profit climbed 43% from Rs 1024.86 crore in the preceding quarter. NMDC's consolidated revenue from operations soared 45% Year-on-Year to Rs 5409.90 crore and rallied 34.7% QoQ.

About: NMDC, a government-owned company, is India's largest iron ore producer. NMDC is operating four iron ore mechanised mines viz., Bailadila Iron Ore Mines - Kirandul Complex (Dep-14, 14 NMZ, 11B and 11C), Bailadila Iron Ore Mine - Bacheli Complex (Dep-5,10 and 11A) in Chhattisgarh, Donimalai Iron Ore Mine and Kumaraswamy Iron Ore Mine in Karnataka. The company also produces and sells diamonds, sponge iron, and wind power.

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