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NMDC to bank on price hikes now
Mint Mumbai
|November 21, 2023
Investors in the NMDC Ltd stock have little to crib about. Its shares have gained nearly 39% in 2023 so far. The state-owned iron ore producer’s steady progress towards its volume target in FY24 has pleased investors.
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NMDC aims to clock volume in the range of 47-49 million tonnes this fiscal year. In the first seven months of FY24, volume was 23.5 million tonnes, up by 19% year-on-year. This means the ask is lower now. To achieve the mid-point of its guided range, NMDC must record a lower growth of nearly 14% in the remaining months.
Plus, a couple of factors would support growth. The Bacheli plant in Chhattisgarh and the Kumaraswamy mines are expected to start production soon and should roughly add 4.3 million tonnes per annum of capacity. Additionally, NMDC has started supplying iron ore to NMDC Steel Ltd, which is operating at 40-45% capacity now. This is expected to rise to 70% by the end of this fiscal year and thus boost NMDC’s volume.
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