Shares of NMDC Steel Ltd. hit a record high on Monday after its Nagarnar steel plant achieved the feat of producing hot-rolled coil from hot metal, in nine days. The plant has a capacity of three million tonnes, according to an exchange filing.
“For over six decades, we had been playing a pivotal role in the domestic steel market as a supplier of quality iron ore. With today's development we emerge as the newest entrant in the domestic steel market and have put Bastar on the steel map. Today NMDC joins the coveted league of Indian steel makers. This is the fulfilment of a dream that the local community of Bastar had long looked forward to. It gives me immense pleasure to have fulfilled our commitment to make their dream a reality," said Amitava Mukherjee, chairman and managing directore (additional charge) and director finance, NMDC Steel, in a press release.
Shares of NMDC Steel rose as much as 4.45%, before paring gains to trade 2.56% at 11:20 a.m., compared to a 0.32% advance in the NSE Nifty 50.
The stock rose the most since its listing on February 20. It has risen 70.55% in the last six months. The total traded volume stood at 1.1 time its 30-day average. The relative strength index was at 74, implying that the stock may be overbought.
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