https://www.miningweekly.com
Cement|Coal|Infrastructure|Iron Ore|Steel|Infrastructure|Operations
Cement|Coal|Infrastructure|Iron Ore|Steel|Infrastructure|Operations
cement|coal|infrastructure|iron-ore|steel|infrastructure|operations

India's NMDC posts Q1 profit rise on strong iron-ore sales

11th August 2023

By: Reuters

  

Font size: - +

BENGALURU - India's National Mineral Development Corp (NMDC) on Friday reported a rise in quarterly profit, aided by robust iron ore sales.

The company posted a profit of 16.50 billion rupees for the first quarter ended June 30, up 12% from a year ago.

Increased economic activity and higher infrastructure spending in India have boosted steel and cement consumption ahead of state-level and national elections due next year, analysts said.

NMDC's revenue from operations rose 13.2%, to 53.95 billion rupees, while raw material costs fell 82.6% due to lower coal and coke prices.

Demand and prices for iron ore rose globally this year as production dropped 10% from January to May in China, forcing the world's largest consumer to import more iron ore, driving up prices worldwide.

Meanwhile, robust domestic demand for steel, which requires iron ore for its production, also helped boost sales of the mineral.

Last month, state-owned NMDC said it sold a total of 11.15-million tonnes of iron ore in the quarter, its highest ever.

Steel manufacturers such as Jindal Stainless and JSW Steel reported handsome profits last month on the back of domestic demand.

Shares of NMDC settled flat ahead of the results. The stock fell 6.2% during the April-June quarter.

Edited by Creamer Media Reporter

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.179 0.221s - 145pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: