NMDC shares rises after iron ore production reports 5.1% increase in December 2024
Iron ore production increased by 4% YoY in the Chhattisgarh division, while sales dipped by 12.2%. In contrast, the Karnataka division saw a 7.9% YoY increase in production and an 8.3% YoY rise in sales volume.
NMDC shares rises after iron ore production reports 5.1% increase in December 2024
Shares of NMDC, India's largest iron ore miner, are in focus following its report of a 5.1% year-on-year (YoY) increase in iron ore production for December 2024, reaching 4.71 million tonnes (MT) compared to 4.48 MT in the same month last year. However, the company's iron ore sales experienced a decline of 6.7% YoY, falling to 3.91 MT from 4.19 MT in December 2023.
Iron ore production increased by 4% YoY in the Chhattisgarh division, while sales dipped by 12.2%. In contrast, the Karnataka division saw a 7.9% YoY increase in production and an 8.3% YoY rise in sales volume.
For the year up to December 2024, NMDC's cumulative production totaled 30.77 MT, reflecting a 3.2% YoY decline. Meanwhile, sales during the same period amounted to 31.80 MT, which is a slight decrease of 0.4% compared to the previous year.
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NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of September 2024, the Government of India held a 60.79% stake in the firm.
The shares are trending above 1.6% at Rs 67.03 on the BSE.
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