NMDC Share Price Jumps On China's New Measures To Support Property Sector
NMDC Ltd. shares jumped nearly 5% on Monday, riding on optimism after China unveiled measures to stimulate its economy, particularly in the property sector.
Most metal stocks rose following the move. The NSE Nifty Metal emerged as the top sectoral gainer, trading higher by 0.06% as of 10:06 a.m. The index also touched a 52-week high during trade.
NMDC shares rallied alongside other mining stocks as iron ore prices spiked 8%, buoyed by expectations of increased demand in China, the world's largest consumer of the steel-making ingredient. The relaxation of home-buying curbs in China's major cities has boosted confidence in the recovery of the property sector, further fueling demand prospects for metals.
China, the world's largest exporter of metals like steel and aluminum, took significant steps over the weekend to revive its struggling real estate market. Major cities including Shanghai, Shenzhen, and Guangzhou relaxed home-buying restrictions, while the central bank announced it would allow the refinancing of mortgages.
These moves follow the Chinese government's biggest package yet to combat the prolonged property slump that has been stifling economic growth. Last week, top Chinese leaders also vowed to "stop declining" trends in the real estate market after new home prices fell in August at the fastest pace since 2014.
NMDC Share Price
NMDC stock rose as much as 4.87% during the day. It was trading 4.77% higher at Rs 246.40 apiece, compared to a 0.71% decline in the benchmark Nifty 50 as of 10:11 a.m.
It has risen 65.55% in the last 12 months and 17.69% on a year-to-date basis. Total traded volume so far in the day stood at 7.4 times its 30-day average. The relative strength index was at 71.17.
Eleven of the 22 analysts tracking NMDC have a 'buy' rating on the stock, three recommend a 'hold' and eight suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 3.8%.
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