Shares of NMDC Ltd rise as much as 4.3 per cent to ₹106.5, their highest since April 8. The iron ore miner posted 31.5 per cent jump in March-quarter consolidated profit on Tuesday, helped by 20.3 per cent fall in total expenses.
At 12.50 pm, the stocks of NMDC were trading higher by 1.32 per cent at ₹103.30
The company expects judgement on Donimalai mine soon after it moved court on on Dec 17 objecting to Karnatakagovernment's demand for a higher share in iron ore sales. Increasing gap between domestic prices and export parity leaves enough room for further hikes, particularly as India's exports rise, said Citi.
About 14 million shares change hands by 05035 GMT, compared with the 30-day average of 3.5 million shares. Up to last close, NMDC stock was up 5.4 per cent this year.