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What is the story about?
Shares of NMDC Ltd. declined on Tuesday, February 10, after it increased the prices of lumps and fines by ₹100 each.
The price of lumps is now ₹4,700 per tonne and of fines is ₹4,000 per tonne.
The same is in effect from Tuesday, February 10.
The Street had estimated the increase in prices due to higher steel prices and the depreciation of the rupee.
The state-run firm reported its December quarter results last week.
While its revenue increased 16% to ₹7,610.8 crore from ₹6,568 crore earlier. It was also above Street estimates of ₹6,850 crore.
However, its earnings before interest, tax, depreciation and amortisation (EBITDA) declined 9.6% to ₹2,144.3 crore from ₹2,119 crore in the previous year. The EBITDA margin also contracted to 28.2% from 36.1% in the year-ago period. The share drop in margin can be attributed to a 70% jump in other expenses and 65% increase in selling expenses.
NMDC shares were down 0.5% at ₹84.04 apiece around 9.20 am on Tuesday. The stock has gained 31% in the past year.
Also Read: Textile stocks in focus as Bangladesh secures zero-duty access to US market for select apparel
The price of lumps is now ₹4,700 per tonne and of fines is ₹4,000 per tonne.
The same is in effect from Tuesday, February 10.
The Street had estimated the increase in prices due to higher steel prices and the depreciation of the rupee.
The state-run firm reported its December quarter results last week.
While its revenue increased 16% to ₹7,610.8 crore from ₹6,568 crore earlier. It was also above Street estimates of ₹6,850 crore.
However, its earnings before interest, tax, depreciation and amortisation (EBITDA) declined 9.6% to ₹2,144.3 crore from ₹2,119 crore in the previous year. The EBITDA margin also contracted to 28.2% from 36.1% in the year-ago period. The share drop in margin can be attributed to a 70% jump in other expenses and 65% increase in selling expenses.
NMDC shares were down 0.5% at ₹84.04 apiece around 9.20 am on Tuesday. The stock has gained 31% in the past year.
Also Read: Textile stocks in focus as Bangladesh secures zero-duty access to US market for select apparel
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