NMDC 'Steel's the show!

A new listing today – NMDC Steel. Listing at Rs.30.25, it soon jumped on to hit the 5% UC of the day at Rs.31.75.

This stock was listed today after it was demerged from parent company, NMDC. The Ministry of Steel had in March 2022 approved the demerger. Currently, the government holds a 60.79% stake .

Under the demerger plan, shareholders of the PSU have been allotted one share of NMDC Steel for every share held in the Demat account on the record date which was October 28, 2022.

The Govt is out looking for a suitor for the company wherein it wants to sell 50.79% stake along with management control.