NMDC share price: Sharekhan re-initiates coverage with a Buy rating and price target of Rs 165
NMDC is in a sweet spot and is expected to benefit from sustained high domestic iron ore prices as a supply deficit in the domestic market is likely to remain until FY2023 (ramp-up of production at the Odisha mines would take time) and sustained elevated international iron ore prices >$110-120/tonne over FY2022E-FY2023E (high demand from China and lower production guidance by Vale).
NMDC would witness a meaningful ramp-up in iron ore production volume over FY2022E-FY2023E led by resumption of production at Donimalai mine (capacity of 7 mtpa) in Karnataka: ANI