Here’s why NMDC shares advanced 4.4%

National Mineral Development Corporation (NMDC’s) stock saw heightened activity during trading hours on Wednesday (December 13), spurred by a positive assessment from brokerage firm Motilal Oswal.

Projections by Motilal Oswal suggest NMDC's production for FY24 could reach 46 million tonnes, with year-to-date figures already at 27 million tonnes. Looking ahead to FY25, the management anticipates a production capacity of 50 million tonnes, a figure that Motilal Oswal believes could be surpassed.

NDMC is an Indian public sector undertaking involved in the exploration of several minerals such as iron ore, copper, limestone, dolomite, gypsum, among others.

Motilal Oswal has assigned a buy rating to the stock, setting a target price of Rs 210 per share. The NMDC stock ended with advanced 4.4% at Rs 191.10. Over the past six months, it has witnessed a remarkable 75% surge.