NMDC

NMDC plans to boost iron ore output by two-thirds

NMDCMumbai: NMDC Ltd, India`s biggest iron ore producer, aims to ramp up output by two-thirds in five years to 50 million tonnes a year, helped by the launch of new mining facilities and expansion of existing infrastructure, its chairman said.

State-owned NMDC`s plans will add to surging global growth in output of the steelmaking raw material, although a push by the new government to revive manufacturing and industrial growth may boost domestic appetite for iron ore.

NMDC, IEDCL sign MoU to set up 500MW power plant in UP

NMDC, IEDCL sign MoU to set up 500MW power plant in UPNMDC Power Ltd (NPL) has penned down an agreement with IL&FS Energy Development Co Ltd (IEDCL) to set up a 500MW thermal power plant in the northern state of Uttar Pradesh (UP).

NPL is a subsidiary of government-run iron ore miner National Mineral Development Corp (NMDC), while IEDCL is an auxiliary unit of IL&FS Ltd.

According to the terms of the signed memorandum of understanding (MoU), the thermal power plant would be set up at Gonda in UP, at an estimated cost of nearly Rs 3,000 crore.

NMDC slashes lump ore price by 5.9%

NMDC slashes lump ore price by 5.9%State-run miner NDMC has cut the price of premium lump ore by 5.9 per cent or Rs 320 per tonne for January 2013, apparently in a bid to pacify hue & cry over its high ore prices.

Prior to the price cut, the average price for the miner's iron ore lumps, with 65 per cent iron content, was at nearly Rs 5,400 a tonne. The price of iron ore fines, which contain less iron content, is still unchanged at Rs 2,610 per tonne.

NMDC stake sale garners $1.1 billion for govt.

NMDC stake sale garners $1.1 billion for govt.Government of India raised $1.1 billion (Rs 5,900 crore) by offloading its 10 per cent stake in public sector miner NMDC Ltd, taking a big leap towards its aims to pocket $5.5 billion (nearly 30,000 crore) by selling its stakes in public sector companies.

The government offered a total of 396.47 million shares in NDMC, at a floor price of Rs 147 apiece, an 8 percent discount to Tuesday's closing price of Rs 159 apiece.

According to available exchange data, the issue attracted bids for 686.92 million shares at an indicative average price of Rs. 149.15 apiece.

Floor price for NMDC auction reportedly fixed at Rs 145-150/share

Floor price for NMDC auction reportedly fixed at Rs 145-150/share The Empowered Group of Ministers (EGoM) led by Union Finance Minister P Chidambaram has fixed the floor price for the public sector miner NMDC auction at Rs 145-150 per share, government sources with direct knowledge of the matter revealed.

The floor price of Rs 145-150 per share is lower than yesterday's closing price of Rs 154.75 per share on Bombay Stock Exchange (BSE), but it is higher than the merchant banker's proposal of Rs 140-145 per share.

Cabinet approves 10% disinvestment in NMDC

Cabinet approves 10% disinvestment in NMDCTaking a step forward to allow the government to raise funds by selling stakes in state-run companies to narrow its fiscal deficit, the Cabinet Committee on Economic Affairs (CCEA) on Thursday approved a 10 per cent stake sale of the government's equity holding in iron-ore producer NMDC Ltd.

The disinvestment in NDMC will be made through the `offer for sale of shares through stock exchange' route. The transaction is expected to fetch the government around Rs. 7,000 crore.

NMDC to appoint world-class consultant for proper guidance on pricing mechanism

NMDC to appoint world-class consultant for proper guidance on pricing mechanismMining giant NMDC has announced that it would appoint a world-class consultant to get proper guidance on its pricing mechanism.

Addressing shareholders at the company's 54th AGM (annual general meeting) in Hyderabad on Thursday, NMDC chairman & managing director CS Verma revealed that the company had already issued a tender seeking expression of interest from global consultants to offer their services on iron ore pricing mechanism.

Buy NMDC To Achieve Target Of Rs 291

Buy NMDC To Achieve Target Of Rs 291Technical analyst AK Prabhakar of Anand Rathi Securities has maintained 'buy' rating on NMDC Limited stock to attain a target of Rs 291.

The stock can be purchased with a stop loss of Rs 266.

Today, the stock of the company opened at Rs 274 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 374.80 and a low of Rs 239.95 on BSE.

Current EPS & P/E ratio stood at 13.79 and 19.87 respectively.

Buy NMDC With Target Of Rs 275

Buy NMDC With Target Of Rs 275Technical analyst Anil Singhvi maintained 'hold' rating on National Mineral Development Corporation Ltd (NMDC) stock with an intra-day target of Rs 275.

According to analyst, the investors can buy the stock with a stop loss of Rs 262.

The stock of the company, on Feb 01, closed at Rs 265 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 514 and a low of Rs 239.95 on BSE.

Current EPS & P/E ratio stood at 13.79 and 19.45 respectively.

Profit sharing relief may come via the Steel minister

Profit sharing relief may come via the Steel ministerState-owned companies like SAIL and NMDC may soon get very good news from the Steel Minister under which it will have a 26% revenue sharing rule, which was proposed in the draft mining bill. It has been argued that as the state owned companies have already been meeting a lot of obligations, the option of revenue sharing may came as a boon for them.

Decision on JV with Arcelor Mittal by the end of this month- Says NMDC

ArcelorMittalA joint venture had been taken up by NMDC and Arcelor Mittal and it has been announced that the final decision on this venture will be made in a meeting between the two parties in Bangalore.

This meeting will be held by the end of this month. This project has made a lot of development and both parties are interested to move ahead with it as soon as possible.

The final decision over the venture will be revealed after this meeting. This was declared by NMDC.

NMDC carry on with production

NMDC carry on with productionThe India's largest iron ore miner NMDC Ltd, Tuesday reinstated the manufacturing to its best of ability from its vital mining provision based in Chhattisgarh's Dantewada district, a day subsequent to the Maoists thronging fire at the compound, as per an official.

According to senior NMDC official the hit made by the Maoists interrupted the night shift mining work on Monday at depot No. 5 and fabrication of some 20,000 tons iron ore which got misplaced but the work picked up again normally from Tuesday.

NMDC net profit rises 4.34%

NMDC net profit rises 4.34%Iron ore producer NMDC has declared its fourth quarter financial results for the fiscal year 2009-10 and its net profit has been marginally up this quarter.

The company has posted a net profit of Rs 1,065.59 crore for the quarter that ended in 31st March, 2010. This net profit figure has grown up by 4.34 % as compared to the same quarter in the preceding year. This has been informed by the firm in a filing at the Bombay Stock Exchange.

NMDC’s FPO response to be evident by day-end

NMDC-LtdWhile the analysts are of a view that the NMDC FPO is way too over-priced and hence investors are shying away from the offer but the company believes that the whole response will be clear by the end of the day today. The company has said the lack of interest from FIIs is primarily because of the time zone difference and it expects the FIIs to pitch in by the end of the day.

NMDC to invest a whopping $3.9 billion in the second unit

NMDC to invest a whopping $3.9 billion in the second unitThe state-run firm NMDC is well on its course to establish its second unit in the state of Karnataka by investing a whopping amount of $3.5-$3.9 billion. The company has already been allotted a $2500-acre of land by the state Government and has additionally acquires water connectivity for its second plant.

This plant in Karnataka will be company's second plane following the proposed fir unit in Chhattisgarh state with a capacity of 3 million tonne expected to be operational by the year 2014.

NMDC receives contract to construct artificial islands

NMDC receives contract to construct artificial islands
Abu Dhabi-based National Marine Dredging Co. (NMDC) has announced that it has received a turnkey contract worth Dh2.3 billion from Zakum Development Co. The order has been awarded in order to make four artificial islands offshore Abu Dhabi island.

The company will carry out this project in duration of three years.

The sources informed that the work on the project will commence 16 weeks after the signing of the contract.

At present, NMDC is the owner of assets worth approximately Dh1.9 billion.




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