te NMDC clocks 52-week high; here’s what’s driving the mining giant’s stock | Zee Business

NMDC clocks 52-week high; here’s what’s driving the mining giant’s stock

NMDC shares scaled a 52-week high on Friday amid optimism about the government’s plan to privatise NMDC Steel. 

NMDC clocks 52-week high; here’s what’s driving the mining giant’s stock
The Nagarnar Steel Plant, located in the Bastar region in Chhattisgarh, is built at an investment of Rs 24,000 crore by NMDC. | Image: nmdc.co.in

NMDC shares scaled a 52-week high on Friday amid growing investor optimism about the government’s plan to privatise NMDC Steel. Zee Business learned from sources that interested parties may soon be allowed to visit state-run mining giant NMDC’s Nagarnar Steel Plant (NSP), in which the government intends to sell a 50.79 per cent stake. 

The NMDC stock jumped by as much as Rs 5, or 3.1 per cent, to Rs 164 apiece—a 52-week high—while NMDC Steel shares gained by Rs 1.7, or 3.2 per cent, to Rs 53.7 apiece on BSE. 

The entities that have submitted the expressions of interest (EoI) for the proposed strategic disinvestment will be permitted to visit the plant in the last week of October, sources told Zee Business. 

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The development comes as the government intends to privatise NMDC Steel, the recently demerged steel-making unit of iron producer, NMDC, by offloading its entire take to a strategic buyer.

The Nagarnar Steel Plant, located in the Bastar region in Chhattisgarh, was built at an investment of Rs 24,000 crore by NMDC. 

The Department of Investment and Public Asset Management (DIPAM) may invite financial bids for NSP after the plant visit, according to the sources.

The three-million-tonnes-per-annum (MTA) integrated steel plant is a green field project that will produce high-quality steel and, in turn, provide employment opportunities to thousands of people. 

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Reported By: Tarun Sharma
Written By: ZeeBiz WebTeam
Updated: Fri, Oct 13, 2023
02:44 pm
New Delhi, ZeeBiz WebDesk
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