NMDC climbs on awarding project and construction management contract to Mecon

NMDC is currently trading at Rs. 174.70, up by 3.45 points or 2.01% from its previous closing of Rs. 171.25 on the BSE.

The scrip opened at Rs. 169.55 and has touched a high and low of Rs. 176.90 and Rs. 168.75 respectively. So far 59,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 279.30 on 08-Jun-2011 and a 52 week low of Rs. 136.15 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 176.90 and Rs. 166.00 respectively. The current market cap of the company is Rs. 69,263.00 crore.

The promoters holding in the company stood at 90.00% while Institutions and Non-Institutions held 9.02% and 0.98% respectively.

NMDC, India’s biggest iron ore miner has awarded the project and construction management contract (PMC) to state-run consultancy firm Mecon. The PMC is for the iron ore miners Rs 15,525-crore three mtpa integrated Chhattisgarh steel plant.

The amount of contract has not been disclosed by NMDC however, the implementation schedule of the plant is 48 months. The Chairman of the company and Mecon's commercial director has signed the said contract in Hyderabad.

NMDC with an investment of Rs 15,525 crore, is developing a three mtpa steel plant at Nagarnar in Chhattisgarh which would be funded from its internal resources. The plant would use the blast furnace (BF) and basic oxygen furnace (BoF) route for iron and steel making.