Brokerages are nonetheless upbeat despite NMDC trading in the negative despite a 15% increase in Q2 net earnings The past six months have seen a 64.22 percent gain on the NMDC stock. The benchmark Nifty 50 index has returned 5.68 percent during the same time frame. National Mineral Development Corporation Ltd. (NMDC), the country's biggest producer of iron ore, announced a 15.7% increase in consolidated net profit for the second quarter. Profit-booking caused shares of National Mineral Development Corporation Ltd (NMDC) to drop 2% intraday on November 15, despite the mining behemoth reporting a 15% increase in second-quarter net profit. The stock was trading on the NSE at Rs 170.24 at 11:40 am. Owing to strong demand, the nation's biggest producer of iron ore saw a 15.7% increase in consolidated net profit in the second quarter. The state-run corporation NMDC stated in a statement on November 14 that its net profit increased to Rs 1,024.86 crore in the three months that ended in September from Rs 885.65 crore the previous year. In the September quarter, its operating revenue increased by 20% to Rs 4,013.98 crore. from Rs 3,328.5 crore in the previous year. Target Price, Brokerage Considerations In a recent research report, brokerage company ICICI Securities gave NMDC stock a "buy" recommendation with a target price of Rs 180. The steel factory has received substantial capital allocation since FY2012, and as a result, we have seen a progressive decline in NMDC's return on equity (ROE), from 33.6 percent in FY2012 to 22.7% by FY21. It said, "We expect ROE to improve with an rise in intensive mining business with higher margins as well as lower capital expenditure, offsetting changes in mining legislation that require higher royalty payments." NMDC Stock Results The past six months have seen a 64.22 percent gain on the NMDC stock. The benchmark Nifty 50 index has returned 5.68 percent during the same time frame. For all of the market activity, subscribe to our live blog. Four iron ore mines in Chhattisgarh and Karnataka are run by NMDC. The findings coincide with local steelmakers' continued optimism about demand as government expenditure on infrastructure increases in advance of the 2024 general elections. Iron ore is one of the primary raw materials used by domestic steelmakers. In a report dated September 29, stockbroker Sharekhan said, "Strong iron ore sales volumes and the most recent enhancement in iron ore prices strengthen our optimism regarding NMDC's excellent revenue performance." Notice: Moneycontrol.com experts' opinions and financial advice are their own, not the website's or its management's. Users are advised by Moneycontrol.com to consult with qualified professionals before making any financial choices.

 Brokerages are nonetheless upbeat despite NMDC trading in the negative despite a 15% increase in Q2 net earnings

The past six months have seen a 64.22 percent gain on the NMDC stock. The benchmark Nifty 50 index has returned 5.68 percent during the same time frame.

National Mineral Development Corporation Ltd. (NMDC), the country's biggest producer of iron ore, announced a 15.7% increase in consolidated net profit for the second quarter.

Profit-booking caused shares of National Mineral Development Corporation Ltd (NMDC) to drop 2% intraday on November 15, despite the mining behemoth reporting a 15% increase in second-quarter net profit. The stock was trading on the NSE at Rs 170.24 at 11:40 am.

Owing to strong demand, the nation's biggest producer of iron ore saw a 15.7% increase in consolidated net profit in the second quarter. The state-run corporation NMDC stated in a statement on November 14 that its net profit increased to Rs 1,024.86 crore in the three months that ended in September from Rs 885.65 crore the previous year. In the September quarter, its operating revenue increased by 20% to Rs 4,013.98 crore. from Rs 3,328.5 crore in the previous year.

Target Price, Brokerage Considerations

In a recent research report, brokerage company ICICI Securities gave NMDC stock a "buy" recommendation with a target price of Rs 180. The steel factory has received substantial capital allocation since FY2012, and as a result, we have seen a progressive decline in NMDC's return on equity (ROE), from 33.6 percent in FY2012 to 22.7% by FY21. It said, "We expect ROE to improve with an rise in intensive mining business with higher margins as well as lower capital expenditure, offsetting changes in mining legislation that require higher royalty payments."

NMDC Stock Results

The past six months have seen a 64.22 percent gain on the NMDC stock. The benchmark Nifty 50 index has returned 5.68 percent during the same time frame.

For all of the market activity, subscribe to our live blog.

Four iron ore mines in Chhattisgarh and Karnataka are run by NMDC. The findings coincide with local steelmakers' continued optimism about demand as government expenditure on infrastructure increases in advance of the 2024 general elections. Iron ore is one of the primary raw materials used by domestic steelmakers.

In a report dated September 29, stockbroker Sharekhan said, "Strong iron ore sales volumes and the most recent enhancement in iron ore prices strengthen our optimism regarding NMDC's excellent revenue performance."

Notice: Moneycontrol.com experts' opinions and financial advice are their own, not the website's or its management's. Users are advised by Moneycontrol.com to consult with qualified professionals before making any financial choices.