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NMDC share price hits upper circuit after Board approves demerger of iron & steel plant

 The stock has gained over 27 percent in the last one month

NMDC share price surged over 9 percent intraday on August 28 after the board approved to the proposal to demerge its NMDC Iron & Steel Plant in Nagarnar, Chhattisgarh.

The Board of Directors of the company at their meeting held on August 27, 2020, have accorded in-principle approval to the proposal to demerge its NMDC Iron & Steel Plant (NISP) at Nagarnar in Chhattisgarh, the company said in an exchange filing.

The stock has gained over 27 percent in the last one month and was trading at Rs 104.85, up Rs 8.85, or 9.22 percent. It has touched an intraday high of Rs 107.00 and an intraday low of Rs 99.80.

It witnessed a spurt in volume by more than 3.54 times and was trading with volumes of 1,092,796 shares, compared to its five day average of 218,675 shares, an increase of 399.74 percent.

NMDC's profit after tax for the first quarter ended June 30 slumped by 55 percent to Rs 533 crore as both production and sales were impacted due to the COVID-19 lockdown, the state-owned miner said on Thursday. The company had posted Rs 1,179 crore PAT in the corresponding quarter in 2019-20, it said in a release.

NMDCs turnover during the first quarter was Rs 1,938 crore compared to Rs 3,264 crore during the corresponding quarter last fiscal, the company said.

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