Weak volumes, iron ore demand take sheen off NMDC's Q3 performance

While domestic outlook was seen improving post recent iron ore price hikes and rising steel output, coronavirus could curb gains

NMDC Limited, Diamond Mining Project, Panna Photo courtesy: www.nmdc.co.in

NMDC Limited, Diamond Mining Project, Panna Photo courtesy: www.nmdc.co.in

Ujjval Jauhari
NMDC’s performance for December 2019 quarter (Q3) reflects the impact of subdued realisations and weak demand for iron ore, a key ingredient to produce steel.

Production and dispatches of iron ore, which had remained subdued in September quarter due to monsoon, rebounded in Q3 but were still down compared to the year ago period due to continued disruption at NMDC’s Donimalai mines. Withdrawal of monsoon enabled India’s largest iron ore miner to deliver a 71 per cent sequential rise in production at 8.58 million tonnes (MT), but it was 10 per cent lower on year-on-year (YoY) basis. Sales at 8.41 MT were also up 45 per cent sequentially, but 3 per cent lower YoY. Thanks to price cuts taken during

Also Read

NMDC hits fresh 52-week high after govt approves mining expansion plan

Street cautious on NMDC despite volumes, realisations gain; stock falls

Karnataka govt cancels NMDC lease for Donimalai mine, opts for auction

Extension of Chhattisgarh mining leases for 20 yrs to boost NMDC's topline

How a small word change cleared the air over NMDC's future mine renewals

Eicher Motors may face speed breaker on margin front; stock rises 4%

Monetary policy a breather for banks; easing CRR can improve margins

Decline in raw material costs by 3.5% drives Apollo Tyres' margins

Limited product launches, tepid sales in US dent Cipla's Dec quarter show

Weak financials, impairment charge ail GSK Pharma; stock falls over 12%

First Published: Feb 07 2020 | 7:57 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com