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NMDC plans to increase the raw material availability

08 Aug 2011 Evaluate

In a bid to calm fears of iron ore supply shortages, State-run iron ore miner, NMDC is planning to substantially increase the raw material availability during this quarter to meet the rising demand. In this regard, the company will take decision on August 9, in consultation with the Steel Ministry, on modalities of raising the mineral supplies to steel and allied industry.

Further, the company has indicated that they will give preference to customers who will have long-term contracts and that the company is looking at production of about 7 million tonnes of iron ore in this quarter, 15% more than April-June period.

The move of the state-run miner comes in the back drop of an apex court order on Friday, which allowed mining of iron ore in Karnataka’s Bellary region to NMDC only and fixed the quantity at one million tonnes per month.

NMDC’s net profit for the quarter ended June 30, 2011 jumped 19.75% at Rs 1801.15 crore as compared to Rs 1504.04 crore for the same quarter last year. Its total income increased by 17.69% to Rs 3224.43 crore for the quarter under review from Rs 2739.82 crore for the corresponding quarter of the previous year.

NMDC Share Price

89.78 2.60 (2.98%)
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Company Name CMP
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NMDC 89.78
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Sandur Manganese 218.35
MOIL 327.60
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