NMDC Q1 net rises 20%

National Mineral Development Corporation Ltd (NMDC) has posted a 20 per cent increase in net profit for the first quarter of the current fiscal at Rs 1,801 crore against Rs 1,504 crore in the year-ago period. During the quarter, its turnover was up 11 per cent at Rs 2,783 crore compared with Rs 2,518 crore in the corresponding period of last fiscal. The company is setting up a 3-mt steel plant in Chhattisgarh, for which packages have been finalised and awarded, it said in a statement. It is also in the process of opening two new mines in the Bailadila and Bellary-Hospet regions in Karnataka. Besides, the company has already placed orders for setting up a 1.2 million tonne pelletisation plant in Karnataka.