NMDC gains on receiving nod for diamond exploration in Andhra Pradesh

NMDC is currently trading at Rs. 103.15, up by 1.15 points or 1.13% from its previous closing of Rs. 102.00 on the BSE.

The scrip opened at Rs. 103.00 and has touched a high and low of Rs. 103.45 and Rs. 103.00 respectively. So far 6,891 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 105.50 on 19-Oct-2015 and a 52 week low of Rs. 75.20 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 104.00 and Rs. 99.60 respectively. The current market cap of the company is Rs. 40,896.00 crore.

The promoters holding in the company stood at 80.00%, while Institutions and Non-Institutions held 17.30% and 2.69% respectively.

NMDC, a state-owned miner, has received an approval for diamond exploration in state of Andhra Pradesh. The Centre’s forest panel has given its permission to the company to enter into Kalyandurg forest range in Ananthapur district, Andhra Pradesh for carrying out diamond exploration.

The Forest Advisory Committee (FAC) -- the apex body in the Union Environment Ministry that approves or rejects proposals for diversion of forest land -- examined the proposal in the recent meeting. The company will drill 64 bore holes for diamond exploration in 153 hectare area in Ananthapur district.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.