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NMDC rallies 10% after Q1 result

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NEW DELHI: Shares of NMDC rallied over 10 per cent in Thursday’s trade after the state-owned mining major reported better than expected June quarter results.

The company reported a 55 per cent decline in net profit at Rs 533 crore for the June quarter compared with Rs 1,179 crore in the same quarter last year.

The stock rose 10.42 per cent to hit a high of Rs 106 on BSE.

NMDCs turnover for the first quarter fell to Rs 1,938 crore compared with Rs 3,264 crore in the corresponding quarter last year, the company said.

Due to the nation-wide lockdown to contain the spread of coronavirus, both production and sales were impacted, the company said.

Chairman and Managing Director Sumit Deb said it was a difficult quarter with the pandemic creating unprecedented situations.

“I am happy that our performance remains stable despite the challenges we are facing. I am certain we will see a marked improvement in our performance in the following quarters with the conditions getting normalised,” he said.

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