• 14 Sep

    NMDC Upgraded to BUY from ADD

    ICICI Securities upgraded NMDC's rating to "BUY" from "ADD" and raised its target price to INR 180 from INR 130. The brokerage firm expects NMDC's sales volume to breach the 32-40 million tonne range in FY24E, and its long-term volume visibility is clearer as the roadmap for 100 mtpa by FY30 is being worked on. Commercial mining in Odisha is also progressively getting undermined, resulting in more opportunity. RoE may improve further from the current level of 22% as the mining business takes the centre stage and the steel plant is demerged.