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NMDC Bonus Issue: Board to Consider Bonus Shares for 1st Time on Nov 11, News Boosts Stock by 3.6%; Find the Details

NMDC Bonus Issue: NMDC, a Navratna PSE under the Ministry of Steel, announced it will consider a bonus share issue and Q2 results on November 11, boosting shares by 3.6% to ₹234.70.
NMDC Bonus Issue: Board to Consider Bonus Shares for 1st Time on Nov 11, News Boosts Stock by 3.6%; Find the Details

NMDC Bonus Issue: NMDC, a leading Navratna Public Sector Enterprise (PSE) under India’s Ministry of Steel, announced on Tuesday, November 5, that its board of directors will discuss a potential bonus share issue on Monday, November 11. The meeting will also review and approve the company’s financial results for the quarter ending September 2024.

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The official exchange filing stated that NMDC’s Board of Directors is scheduled to meet on Monday, 11th November 2024. During the meeting, the board will consider, approve, and record the unaudited financial results, both standalone and consolidated, for the quarter ending 30th September 2024. Additionally, the board will discuss a proposal to issue bonus shares to shareholders, subject to the required approvals.

If approved, this will be NMDC’s first bonus issue since May 2008, when it issued shares in a 2:1 ratio. This marks the first bonus issue in 16 years, reflecting the company’s strong performance and commitment to rewarding shareholders.

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Following the announcement, NMDC shares rose by 3.6% to close at ₹234.70 on the BSE. Over the past year, the stock has gained 47%, although it saw a 13% drop in the last six months.

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In Q1 FY25, NMDC reported a 19% increase in net profit to ₹1,969 crore, with EBITDA margins rising to 51% on a flat revenue of ₹5,414 crore.

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