Ministry Of Steel Appoints Amitava Mukherjee As NMDC Chairperson
The Ministry of Steel has appointed Amitava Mukherjee as the chairperson and managing director of NMDC Ltd. with effect from Thursday, according to a disclosure to the stock exchanges.
Mukherjee is a cost accountant and a senior officer from the 1996 batch of the Indian Railway Accounts Services. He is credited with steering NMDC to its highest-ever turnover and net worth in company history, adopting cutting-edge digital and technical infrastructure, and resuming operations at the only mechanised diamond mine in the country, the release stated.
The iron ore production of the company rose 18% year-on-year to 4.62 million tonnes in February, while sales declined marginally during the same period to 3.98 MT.
NMDC's net profit surged 27% to Rs 1,882 crore in the December quarter, while revenue rose 21% to Rs 6,567.8 crore.
Shares of NMDC ended 2.23% higher at Rs 66.90 apiece on the National Stock Exchange, compared to a 0.93% advance in the benchmark Nifty. The stock has fallen 16.7% in the last 12 months.
Out of the 23 analysts tracking the company, 13 have a 'buy' rating on the stock, four recommend 'hold' and six suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 9.3%.
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