By Aditya Raghunath
Investing.com -- India’s largest iron ore producer, NMDC (NS: NMDC ) (National Mineral Development Corporation) is being recommended by brokerages after an impressive performance in December 2020. The stock is currently trading at Rs 127.75 and has moved up almost 55% from its close of Rs 82.45 on October 30.
In December brokerages (Motilal Oswal (NS: MOFS ), Prabhudas Lilladher) had a target of Rs 122 – Rs 129 for NMDC that the company has achieved. However, its stock is on a rally after the company, which is also India’s largest merchant miner, announced that it hiked prices of iron ore by 10% and fines by 4% on January 6.
The last time it had raised prices was on December 15 and the stock started its move to current levels. Emkay Global has given a target of Rs 160 for NMDC after the latest development. For the quarter ended September 30, 2020, NMDC reported sales of Rs 2,229.89 crore, down 0.53% from the corresponding period in 2019. It reported a net profit Rs 7,72.53 crore for the September quarter.
The company’s iron ore production for December 2020 was 3.86 MT, up 23.3% from the corresponding quarter in 2019.
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