Mumbai: The country’s largest iron ore producer, NMDC may post a 40% gain in profit this fiscal year after long-term prices almost doubled, chairman Rana Som said. The company had posted a net income of Rs3,250 crore in the year ended 31 March. An expected 5% decline in sales this year should be more than offset by the rise in contract prices since April, Som said on the sidelines of an industry conference in Hyderabad on Monday.
GAIL to buy 19% stake in ONGC chemical venture
New Delhi: GAIL (India) Ltd has agreed to buy a 19% stake in Oil and Natural Gas Corp. Ltd’s (ONGC) chemical venture, chairman Upendra Datta Choubey said Delhi on Monday.
NMDC also plans to borrow $500 million (Rs2,580 crore) in the year starting April, Choubey said.