NMDC confirmed that it has not been informed by the Government of India, acting on behalf of the President of India, regarding the potential merger of NMDC Ltd and KIOCL Ltd, the company said in an exchange filing today.
The company's exchange disclosure highlighted that it is important to mention that NMDC Limited qualifies as a Navratna Central Public Sector Enterprise (CPSE) overseen by the Ministry of Steel, Government of India.
Furthermore, it noted that matters related to corporate mergers fall under the purview of the Administrative Ministry, specifically the Ministry of Steel, Government of India, in collaboration with the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India.
The company provided clarification regarding a news article in the Business Standard that said, ‘A merger between NMDC and KIOCL is in the works, pending approvals from ministries and regulators.’
The firm highlighted that, currently, there is no news or developments that could impact stock market behaviour concerning the company.
NMDC has guaranteed that any relevant updates on these issues will be shared in accordance with regulatory obligations. The company is willing to offer additional information if required and has asked for this clarification to be officially recorded.
On Monday, NMDC share price ended 4.86% higher at ₹228.50 apiece. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, NMDC share price has gained positive traction, with prices rising over 4%. However, on the broader chart, the stock remains range-bound, with support at ₹210 and resistance at ₹245. A clear directional view will emerge only upon a breakout above this range.
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