Favourable winds for NMDC stock

Good profitability in June quarter and rising iron ore prices paint a bright picture

Ujjval Jauhari 

After seeing a steep correction between February and June, the NMDC stock has rebounded 15 per cent to Rs 121 levels. More gains are likely. While the stock's correction was due to declining iron ore prices, recovery in prices and strong June quarter performance lifted sentiment. From highs of $90 a tonne in February, iron ore prices had fallen to $50 levels by June-end. The price is now close to $75 a tonne. Despite a correction in iron ore prices during the June quarter, profitability of NMDC improved. Earnings before interest, tax, depreciation and amortisation ...

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