NMDC breached the 10% upper circuit today at Rs.86.55 the moment it opened for trading and then shot up to an intra day high at Rs.88.50. Volumes have jumped up over 4 times.

The market is thrilled to bits with the PSU’s interim dividend. It declared its first interim dividend for the fiscal of Rs.9.50/share which has a face value of Re.1/share. The company has fixed 25 February 2016 as the record date for the purpose of payment of first interim dividend.

This hefty interim dividend is despite its dismal Q3FY16 performance wherein it posted a 59% (YoY) drop in net profit at Rs.655 crore on a 46% drop in net sales at Rs.1517 crore.