NMDC Fourth-Quarter Profit Doubles on Higher Iron Ore Prices

Bloomberg reports NMDC Ltd. (BOM:NMDC) said fourth-quarter profit almost doubled, in line with analyst estimates, as prices surged.

The market news is quoted as saying,

Net income climbed to 21 billion rupees ($465 million), or 5.29 rupees a share, in the three months ended March 31 from 10.7 billion rupees, or 2.69 rupees, a year earlier, the Hyderabad, India-based company said today in a statement to the Bombay Stock Exchange. The average profit estimate of seven analysts surveyed by Bloomberg was 20.8 billion rupees. Sales rose 90 percent to 37.7 billion rupees.

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