While miners allege that their stock is piling up as steel companies buy ore from outside the state, steelmakers say that NMDC is asking for a higher price
NMDC is the country's single largest iron ore producer, with about 30 MT annual output from three fully mechanised mines, according to company's website.
JM Financial is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 98 in its research report dated May 28, 2018.
Edelweiss is bullish on NMDC has recommended buy rating on the stock with a target price of Rs 195 in its research report dated May 28, 2018.
Senior executives of NMDC Limited and NLC India Limited are expected to visit Australia to sign a joint R&D agreement with Environmental Clean Technologies Limited (ECT) an Australian company expert in commercialising leading-edge coal and iron-making technologies, sources close to the development said.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 49 points or 0.46 percent. Nifty futures were trading around 10,780-level on the Singaporean Exchange.
Rajesh Agarwal of AUM Capital recommends buying Indian Oil Corporation with stop loss at Rs 164 and target at Rs 174, a buy on Ujjivan Financial Services with stop loss at Rs 398 and target at Rs 417 and a buy also in Adani Transmission with stop loss at Rs 164 and target at Rs 176.
Sudarshan Sukhani of s2analytics.com recommends buying RBL Bank with stop loss at Rs 512 and target at Rs 533 and Tata Chemicals with stop loss at Rs 760 and target at Rs 790.
Net Sales are expected to increase by 16.6 percent Y-o-Y (up 35.6 percent Q-o-Q) to Rs. 3,347.6 crore, according to ICICI Direct.
The production rose 4.40 percent from 34 million tonne (MT) in 2016-17.
The market breadth was in favour of the declines with 841 stocks advancing while 863 declined and 342 remained unchanged. On the other hand, in the BSE, 1262 stocks advanced and 1342 declined and 137 remained unchanged.
The prices of iron ore fines too remained unaltered at Rs 2,660 per tonne for April.
The country's top iron ore producer had earlier announced to commission its about Rs 18,000 crore integrated steel plant by May 2015.
The market breadth was in favour of the declines with 315 stocks advancing while 1342 declined and 371 remained unchanged. On the other hand, in the BSE, 558 stocks advanced and 1761 declined and 92 remained unchanged.
Stock is trading at an attractive valuations 5.5 times its FY19 estimated enterprise value to EBITDA and 1.5 times its book value
Aegis Logistics, Tata Motors and metals, among others, are being tracked by analysts on Thursday.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Voltas, Tata Consultancy Services, Sun Pharmaceutical Industries, NMDC, DLF, KPIT Technologies and Hexaware Tech and can short UltraTech Cement and Tata Motors.
The market breadth was in favour of the advances with 878 stocks advancing while 789 declined and 348 remained unchanged. On the other hand, in the BSE, 1268 stocks advanced and 1260 declined and 160 remained unchanged.
The company had posted a profit of Rs 595.16 crore in the corresponding quarter of the previous fiscal, NMDC Ltd said in a BSE filing.
Sudarshan Sukhani of s2analytics.com advises selling Canara Bank, NMDC and Godfrey Phillips.
Prakash Gaba of prakashgaba.com is of the view that one can buy Bharat Financial Inclusion, GAIL India, NMDC and State Bank of India.
Rajat Bose of rajatkbose.com is of the view that one can buy NMDC and Raymond and can sell TVS Motor.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy Ashok Leyland, NMDC and JSW Steel.
The sale of 2.52 percent in NMDC at a floor price of Rs 153.50 per share will fetch about Rs 1,200 crore to the exchequer.
Importantly what is even more lucrative is that retail investors are offered an additional discount of 5% on the offer price of Rs 153.5 per share.