State-run National Mining Development Corporation's monthly sales rose to a 13-month high of 3.5 million tonnes in March as it exhausted its existing inventory and improved the performance of its Karnataka and Chhattisgarh mines.
That came despite a 3 percent decline in production over last year.
Production volumes fell due to the ongoing halt in operations at NMDC's Donimalai mine in Karnataka. The halt followed the state government's decision to impose 80 percent premium on iron ore sales from the mine.
Edelweiss Securities expects the production uptick at NMDC's Chhattisgarh mine to partially make up for the volume loss. Yet, the brokerage perceives the production halt as a major overhang for the miner's stock.
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