LKP Securities initiates buy rating on NMDC with target price of ₹297/share, expecting 20% increase. The company, largest iron ore producer in India, plans aggressive mine capacity expansion to meet growing steel demand.
The company s shares this year so far have risen nearly 115%. Following three consecutive months of lacklustre performance from December to February, the stock made a strong comeback. Over the next nine months, it recorded gains in eight of them.
The state-run company which has a market capitalisation of Rs 7,031.26 crore informed about the development in its filing to the exchanges on Tuesday. The price action was accompanied by high volume action as over 1.20 crore shares traded on the NSE at 12:15 pm.