NMDC jumps on bonus issue plan

The company has scheduled a board meeting on Monday, 11 November 2024, to consider Q2 September 2024 results, and the proposal to issue bonus shares to its shareholders, subject to necessary regulatory approvals.

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 of June 2024, the Government of India held 60.79% stake in the firm.

On a consolidated basis, net profit of NMDC rose 19.28% to Rs 1970.77 crore on 0.36% rise in net sales to Rs 5414.19 crore in Q1 June 2024 over Q1 June 2023.