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JPMorgan upgrades NMDC to 'overweight', target price Rs 210

Updated : January 12, 2022 09:51:18 IST

JPMorgan has upgraded NMDC to ‘overweight’ rating from ‘neutral’ rating with a target price of Rs 210. The firm believes that the iron ore prices have bottomed out and over the next couple of months, from hereon, the prices are likely to go up.

At 8 percent dividend yield, the stock is quite attractive from a risk reward point of view after the recent correction and the near-term trigger for the stock would be the expected steel plant demerger which is on the cards.

Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.

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