Both firms were included as part of a re-balancing exercise
NMDC Ltd. and IndusInd Bank, on Monday, were included in the CNX Nifty index of the National Stock Exchange (NSE), replacing Wipro and Siemens. Both companies were included as part of a re-balancing exercise.
On the first day of inclusion, NMDC shares plunged 1.39 per cent to close at Rs. 135.20 on the NSE, while IndusInd Bank closed with a gain of 2.68 per cent at Rs. 415.55.
Addressing a function, NMDC Chairman and Managing Director C. S. Verma said NMDC would invest over Rs. 30,000 crore in the 12th Plan as compared to Rs. 3,000 crore invested in the 11th Plan. While Rs. 15,000 crore would go towards setting up a 3-million tonne steel mill, the balance would be invested in the expansion of mining activities. He said the iron ore production capacity of the company would increase to 48 million tonnes per year from 32 million tonnes in two years.
He said the company’s steel plant coming up at Chhattishgarh was progressing as per schedule, and that it would be operational in two years. “The vision of the company is to mould itself into a very large multi-faceted organization, with mining being its core activity, and expanding into value added project such as steel making and pellet making. We are also expanding our base in the overseas market,” Mr Verma, who is also CMD of SAIL, said.