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NMDC Shares Surge Over 4 % After Keeping Iron Ore Rates Unchanged

The scrip ended at Rs 138.2, higher 3.87 per cent over the previous close. It had touched the 52-week high value of Rs 139.85 during the day.

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Shares of NMDC Ltd ended with over 4 per cent gains and touched 52-week high values on Monday after the country's largest iron ore miner left the price of high grade iron ore and inferior grade ore unchanged in its latest price revision.

On BSE, the scrip ended at Rs 138.2, higher 3.87 per cent over the previous close. It had touched the 52-week high value of Rs 139.85 during the day.

On the NSE, the shares closed at Rs 138.25, up 4.03 per cent. It was trading at its 52-week high value of Rs 139.9 during the trading session. The latest price announcement was made on Saturday.

Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.

In a regulatory filing on Saturday, NMDC said it fixed the price of lumps or high-grade iron ore at Rs 5,100 per tonne, and that of iron ore fines or inferior grade ore at Rs 4,210 a tonne.

The revised prices are effective from March 6, 2021 and exclude royalty, District Mineral Fund, National Mineral Exploration Trust, cess, forest permit fee, and other taxes, the company had said. 

(PTI)