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NMDC — An improved outlook for the near term

High dividend yield and de-merger of the steel plant to support valuation going forward

Nandish Shah
August 31, 2020 / 04:32 PM IST
NMDC — An improved outlook for the near term

PRO Only Highlights
-  Quarterly performance largely backed by improved realisations
-  Medium-term triggers China plus and protectionist measures for tyre industry
-  Valuations not inexpensive; but improved medium-term outlook

The June quarter results of NMDC (CMP: Rs 108; Market capitalisation: Rs 32,915 crore) were in line with Street expectations. Amid the Covid-19 pandemic, we had recommended the NMDC stock on March 25 as a secured high dividend yield play at a price of Rs 64. The stock has generated a return of 69 per cent, outperforming the Nifty return of 49 per cent, over this period. (link: https://www.moneycontrol.com/news/business/moneycontrol-research/these-psus-dividend-yields-exceed-bank-fd-rates-5070181.html). We continue to like NMDC and recommend that investors should accumulate this...

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