State-owned miner NMDC Ltd reported a 9.8% increase in iron ore production to 3 million tonnes in September, compared to 2.73 million tonnes in the same period last year. Sales also increased to 3.11 million tonnes from 2.91 million tonnes. NMDC s iron ore production for the April-September period rose to 19.56 million tonnes, up from 16.18 million tonnes in the corresponding period of the previous fiscal year.
India's coal production picked up in "a big way" during FY22 and FY23 resulting into improved availability and supply of the dry fuel, on account of various government initiatives towards the sector, Icra said.
Read more about NMDC gains as production, sales spurt in May on Business Standard. NMDC rose 1.90% to Rs 184.80 after the state-owned miner s iron ore production climbed 21.83% to 2.79 million tonnes (MT) in May 2021 from 2.29 MT in May 2020.
Shares of NMDC rose 0.71% to Rs 156.75 after the state-owned miner s iron ore sales climbed nearly 124% to 3.09 million tonnes (MT) in April 2021 from 1.38 MT in April 2020.NMDC s iron ore production jumped almost 74% to 3.13 million tonnes (MT) in April 2021 from 1.8 MT in April 2020.
Sequentially, NMDC s production declined 31.5% while sales fell 24.26% in April 2021 over March 2021.
NMDC is India s single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As on 31 December 2020, Government of India held 69.65% stake in the company.
The company reported 54.75% jump in consolidated net profit to Rs 2157.81 crore on a 44.86% rise in sales to Rs 4355.10 crore in Q3 FY21 over Q3 FY20.