NMDC soars on possible price hike

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NMDC was locked at upper limit of 10% at Rs 12237.40 at 13:05 IST on BSE on reports the firm will raise iron ore prices after talks with its Japanese clients, due to begin in May 2008, are over.

On The scrip had touched a low of Rs 11505 so far during the day. The stock had hit a 52-week high of Rs 16584.10 on 6 November 2007 and a 52-week low of Rs 1955.10 on 26 April 2007.

The scrip had outperformed the market in the one month to 7 April 2008, rising 13.59% as against the Sensex's 1.37% fall. It had also outperformed the market in the past three months, slipping 21.26% against the Sensex's 24.51% slide.

The state-run mining firm has an equity capital of Rs 132.16 crore. Face value per share is Rs 10.

At the current price of Rs 12237.40, the scrip trades at a PE multiple of 41.76, based on Q3 December 2007 annualised EPS of Rs 293.04.

NMDC, which accounts for about 15% of India's iron ore production, sells contracted iron ore at prices based on those of the world's top miners -- Brazilian miner Vale, BHP Billiton and Rio Tinto.

Meanwhile, NMDC has fixed 21 April 2008 as the record date for a 10-for-1 stock split.

NMDC's net profit rose 59.7% to Rs 968.22 crore on 53.5% growth in net sales to Rs 1623.60 in Q3 December 2007 over Q3 December 2006.

National Mineral Development Corporation primarily mines iron ore. It also dabbles in diamonds and limestone.

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