Like its predecessors REC and NTPC, mining major NMDC, the third government-owned company to hit the markets this year, received tepid response on the first day of follow-on offer (FPO).
The stock has underperformed the market due to concerns on mining volumes, delayed expansion, and lower realisations. However, now the volume outlook is improving with gains expected from FY14 onwards, given the ongoing capacity expansion.
Public sector major NTPC's follow-on public offer (FPO) managed to scrape through today, but raised questions about the state of the primary markets and the government's disinvestment programme.
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