Shares of NMDC rose 7.2% to hit a new 52-week high of Rs 252.40 after the company reported strong consolidated net profit for the third quarter of the current financial year.
The company’s consolidated net profit advanced 62% to Rs 1,469.73 crore for the quarter ending December of FY24 attributed to the higher income. A year ago, the company booked a net profit of Rs 903.89 crore.
The company reported the total income for the third of the current year at Rs 5,746.47, a surge of over 46% compared to Rs 3,924.75 posted in the same quarter a year ago.
The stock of the company has risen 2.4% in the last five days and 18.8% in the last one month, It has risen over 110% in the last one year and in the long term, considering five years, the stock has risen over 171% in the past five years.
To compare, the benchmark index Nifty 50 has risen 0.45% in the last five days and 0.66% in the last one month. The index has risen 22% in the last one year and almost 105% in the last five years.
The company was incorporated under the Ministry of Steel by the government of India. It is the largest producer of iron ore. The company is involved in the exploration of minerals such as copper, rock phosphate, limestone, and magnesite among others.
