|Bid||0.00 x 0|
|Ask||138.80 x 0|
|Day's range||133.20 - 139.30|
|52-week range||74.80 - 139.30|
|Beta (5Y monthly)||1.20|
|PE ratio (TTM)||8.78|
|Forward dividend & yield||5.52 (4.26%)|
|1y target est||129.00|
State-owned miner NMDC is poised to win a multibillion-dollar contract to explore and mine diamonds at a large project abandoned by global miner Rio Tinto, a leading local government official told Reuters. Madhya Pradesh has asked NMDC to explore the Bunder deposits, which could contain millions of carats of diamonds, Neeraj Mandloi, principal secretary at the state's Mineral Resource Department, told Reuters on Friday. The state government last month awarded a smaller portion of the deposit to Essel Mining & Industries, part of Indian conglomerate Aditya Birla Group, Mandloi said.
India's largest state-owned iron ore miner NMDC Ltd said on Tuesday it had received a 20-year extension for four mines in its biggest mining project in the central state of Chhattisgarh. In a statement, the company said Chhattisgarh's government had extended four mining leases in state's Bailadila area, which produced 24 million tonnes out of NMDC's total iron ore production of 33 million tonnes in 2018-19. "Of the five mines in Bailadila Sector, lease of four mines with an installed capacity of over 29 MTPA (million tonnes per annum) has been extended now and one mining lease has already been extended in 2017," the company said.
The domestic steel production and demand are expected to grow at 6%-7%, at a time when production and consumption in major countries such as China, Japan and the EU nations are likely to stagnate in the near future, said N Baijendra Kumar, CMD, NMDC.
Government-owned NMDC Limited is ramping up its iron ore mining capacity and is planning to set up a new integrated steel manufacturing plant at a cost of 2.2 billion dollars (about Rs 15,335 crore). It will produce flat products like hot rolled plates, sheets, coils, automotive steel and API grade steel to the tune of 2.7 million tonnes.
NMDC is currently shipping about 23 mtpa iron ore from this complex. In the worst case, if outcome in the Donimalai judgment is not favourable, NMDC will still have 17 mtpa profitable capacity.