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The board of NMDC Ltd on Thursday approved the demerger of NMDC Iron & Steel Plant Ltd (NISP), the company said in a notice to the stock exchanges.
The board approval came despite the Chhattisgarh government opposing the privatisation move.
Meanwhile, the company reported a 40.6 per cent y-o-y drop in consolidated revenue to Rs 1,937 crore for Q1 FY21. Consolidated net profit declined 55 per cent to Rs 532 crore, due to the Covid-19 pandemic.
The company's share gained as much as 10 per cent and currently trades at Rs 104.95.
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