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.
Read Next: Why This Tata Stock Is Upbeat Today
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.