National Mineral Development Corporation (NMDC) Limited has increased the prices of lump iron ore and iron fines by Rs 400 per tonne, with an immediate effect.

The company has fixed prices for lump iron ore of 6-40 mm at Rs 6,000 per tonne and iron fines of 10 mm at Rs 4,960 per tonne with effect from 8 March 2022.

Last month, NMDC Limited had fixed the prices for lump iron ore at Rs 5,600 per tonne and iron fines at Rs 4,560 per tonne.

NMDC is the single largest iron ore producer in India, with current production of about 35 million tonnes of iron ore from three fully mechanised mines. The two mines are located in Chhattisgarh and one in Karnataka.

NMDC Ltd had reported a 2.8% drop in standalone net profit to Rs 2,050 crore in the third quarter (Q3) of FY22 from Rs 2,108.90 crore in Q3 FY21. Moreover, its net sales grew by about 35% to Rs 5,873.77 crore in Q3 FY22 from Rs 4,355 crore in Q3 FY21.

The company's script rose to 0.23% and traded at Rs 153.30 on the Bombay Stock Exchange (BSE).

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Also read: NMDC reports 4.31 mt production of iron ore in Feb 2022