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.
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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