Home / Markets / Stock Markets /  NMDC declares interim dividend of 7.76 per share

Country's largest iron ore miner NMDC's board in its meeting held today approved an interim dividend for the financial year 2020-21 of Rs7.76 per share.

"The Board of Directors of the Company at its meeting held on 11 March 2021, interalia, declared interim dividend at the rate of Rs.7.76 ps. (Rupees Seven and Seventy Six Paise Only) per equity share of face value of Re. 1 /- each for the financial year 2020-21. The interim dividend shall be paid /dispatched as per the provisions of the Companies Act, 2013," it said in a regulatory filing.

NMDC has fixed 23 March (Tuesday) 2021 as 'Record Date' for the purpose of payment of Interim Dividend on equity shares for the Financial year 2020-21.

Meanwhile, NMDC has left the price of lump ore unchanged at 5,100 per tonne and 4,210 per tonne for fines in its latest price revision announced on Saturday.

Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.

In a filing to the BSE, NMDC said it fixed the price of lumps or high-grade iron ore at 5,100 per tonne, and that of iron ore fines or inferior grade ore at 4,210 a tonne.

The revised prices are effective from March 6, 2021 and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company said.

Last month, NMDC reduced the price of lumps to 5,100 per tonne from 5,700 per tonne fixed on January 6, 2021, while the rate of fines was also revised downwards to 4,210 a tonne from 4,810 per tonne.

NMDC, under the Ministry of Steel, is the country's largest iron ore miner.

The company, which has been in the business of mining iron ore for over six decades, produces about 35 MT iron ore from its three iron ore complexes in the country — one in Donimalai in Karnataka and two in the Dantewada district of Chhattisgarh.

NMDC has set an ambitious target of producing 100 MT iron ore by 2030.

Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.

On BSE, the scrip ended at 132.70, higher 0.87% over the previous close

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