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
