Mining PSU Stock, NMDC rises to high of 1.8% as govt announces plans to merge with KIOCL

The Steel Ministry has proposed a merger between two state-owned companies: Kudremukh Iron Ore Company Limited (KIOCL) and the National Mineral Development Corporation (NMDC). This proposal has been sent to the Finance Ministry for review.

Following the proposed merger, NMDC intends to export iron ore pellets produced by KIOCL. This strategic consolidation aims to boost iron ore pellet exports and strengthen the nation's mineral development capabilities.

The share price of NMDC Limited hit an intraday high of 1.81 percent to Rs. 66.08 per share on Tuesday, an increase from its previous close of Rs. 64.90 per share. The market capitalization now stands at approximately Rs. 57,876 crore as of January 07, 2025.

As of the September 2024 shareholding pattern, NMDC Limited is primarily held by the promoters at 60.79 percent, foreign institutional investors hold 12.60 percent, and the public at 12.52 percent. 

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