LIVE NOW:Watch the Definedge Conference on Market Analysis (DECMA). Join Now

NMDC shares jump 6% as Credit Suisse initiates coverage

The global brokerage firm is of the view that the unlocking of Rs 16,000 crore capital work-in-progress could add further value.

February 16, 2021 / 10:44 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of NMDC jumped over 6 percent in morning trade on BSE on February 16 after global brokerage firm Credit Suisse initiated coverage on the stock with an outperform call.

As reported by CNBC-TV18, Credit Suisse initiated initiate coverage on the stock with an 'outperform' call, with a target price of Rs 162.

Credit Suisse believes the company will maintain elevated EBITDA in the coming years. Indian ore supply will remain tight and global ore price will remain at $100/t+ until FY23, said Credit Suisse.

The global brokerage firm is of the view that the unlocking of Rs 16,000 crore capital work-in-progress could add further value.

Shares of NMDC traded 3.67 percent higher at Rs 115.80 on BSE at 1020 hours.
Moneycontrol News
first published: Feb 16, 2021 10:44 am

stay updated

Get Daily News on your Browser
Sections