Shares of NMDC gained as Q1 earnings beat analysts estimate. The stock rose as much as 2.9 per cent to Rs 129.75.
The iron ore miner's Q1 profit rose about 36 per cent to Rs 969 crore ($151.3 mln), beating analysts' average estimate of Rs 864 crore, according to Thomson Reuters data.
The profit growth was helped by higher realised prices of iron ore and lower non-mining expenses.
“We do not expect any further cut in iron ore prices by NMDC,” IDFC Securities wrote in a note, adding higher iron ore realisation and volume were key positives.