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NMDC gains from momentum in Chinese iron ore futures

NMDC, a wholly-owned government enterprise involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, etc., surged on the Indian bourses. The stock witnessed spurt in volume by more than 1.40 times, taking cues from northward movement of Chinese iron ore futures.
 
Iron ore futures in China are moving upwards in the morning hours on Monday. The futures have hit the upper circuit of 8% and are trading at four months’ high.
 
The NMDC stock touched its intraday high of Rs 128.2 per share, up by 4.48%. NMDC is India’s single-largest iron ore producer, presently producing about 30 million ton of iron ore from three fully mechanized mines viz., Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh) and Donimalai Iron Ore Mines (Karnataka).

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