Why This LIC-Backed Midcap Stock Hit 52-Week High Today

Shares of NMDC Steel soared over 12% on Monday to hit a new 52-week high of ₹52.20.

What Happened: Shares of the PSU (Public Service Undertaking) are trading higher along with other metal stocks after China cut the one-year Loan Prime Rate by 10 basis points from 3.55% to 3.45%. The move is seen as a move to boost the economy that has been under pressure since the Covid pandemic.

See Also: Why Analyst Sees This Midcap Stock Going Up Over 30%

Last week, the company’s Chairman and Managing Director Amitava Mukherjee said that the Steel major is targeting a steel production of at least 1 million tonnes in the first half of the fiscal year 2024 (April-September).

Price Action: NMDC Steel’s share price was up 11.52% to trade at ₹51.80 on Monday afternoon. LIC owns a 14.16% stake in the company.

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Posted In: EquitiesMarketsMoversTrading IdeasLife Insurance Corporation of IndiaNMDC Steel