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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