Fan Site: Inspired, Not Endorsed, By Rakesh Jhunjhunwala

Kotak Inst Eqt on NMDC
Upgrade to ADD, TP Rs 140
NMDC has cut iron ore prices, too aggressively, 40% in past three months post increase in export duty, to export parity level
Believe domestic prices have bottomed out & should recover with demand from 2HFY23E

Kotak Inst Eqt on NMDC
Upgrade to ADD, TP Rs 140
See limited downside to seaborne prices as well, despite weak demand in China, due to cost support
Steel plant demerger & listing are likely to conclude in 3QFY23E & should unlock some value

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Disclaimer: This is a Fan Site in Rakesh Jhunjhunwala's name. Rakesh Jhunjhunwala is not associated with us and is in no way aware, accountable or responsible for what is stated here. Further, nothing here constiutes investment advice for you to act on. Also, we have a vested interest, and are extremely biased, in everything that we say. So Mind It!