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Hold NMDC; target of Rs 115: ICICI Direct

ICICI Direct recommended hold rating on NMDC with a target price of Rs 115 in its research report dated November 15, 2022.

November 24, 2022 / 03:45 PM IST
 
 
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ICICI Direct's research report on NMDC


Incorporated in 1958, NMDC is India's largest merchant iron ore miner. During FY22, NMDC’s iron ore production volume was at ~42 million tonne (MT) while sales volume for FY22 was at ~41 MT • NMDC is one of the lowest cost iron ore producers in the world.


Outlook


On the back of a muted trend in iron ore realisations, we downgrade the stock from BUY to HOLD. We value NMDC at Rs 115, 4.5x FY24E EV/EBITDA.


For all recommendations report, click here

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NMDC - 15 -11-2022 - icici
Broker Research
first published: Nov 24, 2022 03:45 pm