State-run miner NMDC has increased iron ore price by 8-13% for the July-September period. It aims to take benefit of the current demand-supply mismatch scenario in the market. The company has raised raw material prices for the second consecutive quarter in this fiscal. During the last quarter, it had raised iron ore prices by 8-10% on increased demand and lower availability.
In the last quarter NMDC had lowered the iron ore price by up to Rs 160 per tonne for lumps and Rs 600 for fines in the last quarter of 2011-12 fiscal, after hiking the price in the previous quarter.
On standalone basis, the company has reported a rise of 5.82% in its net profit at Rs 1906.00 crore for first quarter ended June 30, 2012, as compared to Rs 1801.15 crore for the same quarter in the previous year. Total income of the company has increased by 5.25% to Rs 3392.49 crore for the quarter under review as compared to Rs 3223.30 crore for the quarter ended June 30, 2011.
