External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Incorporated in 1958, NMDC is India's largest merchant iron ore miner.</li><li>During FY22, NMDC’s iron ore production volume was at ~42 million tonne (MT) while sales volume for FY22 was at ~41 MT</li><li>NMDC is one of the lowest cost iron ore producers in the world.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Incorporated in 1958, NMDC is India's largest merchant iron ore miner.During FY22, NMDC’s iron ore production volume was at ~42 million tonne (MT) while sales volume for FY22 was at ~41 MTNMDC is one of the lowest cost iron ore producers in the world.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nmdc (Natmin) -Muted Iron Ore Realisation Impacts Performance…

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>After posting the highest ever annual production of iron ore (at 42mt) in FY22, NMDC has raised the bar and is now aiming at 46mt for FY23E and even higher for FY24E.</li><li>The growth will be driven by both Chhattisgarh and Karnataka sectors.</li><li>Our FY23 iron ore fines assumption is at a 10% discount to the CMP. Maintain BUY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

After posting the highest ever annual production of iron ore (at 42mt) in FY22, NMDC has raised the bar and is now aiming at 46mt for FY23E and even higher for FY24E.The growth will be driven by both Chhattisgarh and Karnataka sectors.Our FY23 iron ore fines assumption is at a 10% discount to the CMP. Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NMDC: Steel Plant Commissioning Nears; Demerger in 3QFY23E

<ul><li>The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger of the Nagarnar Iron and Steel Company (NISP) will be the key trigger for the stock.</li><li>Thereafter, the government is likely to call for bids from potential suitor, which should likely culminate into sale of the government's holding in the steel plant to the new owner.</li><li>.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger of the Nagarnar Iron and Steel Company (NISP) will be the key trigger for the stock.Thereafter, the government is likely to call for bids from potential suitor, which should likely culminate into sale of the government's holding in the steel plant to the new owner..Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Incorporated in 1958, NMDC is India's largest merchant iron ore miner.</li><li>During the quarter, NMDC reported iron ore sales volume of 9.8 MT, up 6% YoY &amp; 9% QoQ (in line with our estimate of 9.9 MT).</li><li>EBITDA/tonne came in at Rs 2654/tonne, higher than our estimate of Rs 2500/tonne</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Incorporated in 1958, NMDC is India's largest merchant iron ore miner.During the quarter, NMDC reported iron ore sales volume of 9.8 MT, up 6% YoY &amp; 9% QoQ (in line with our estimate of 9.9 MT).EBITDA/tonne came in at Rs 2654/tonne, higher than our estimate of Rs 2500/tonneContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Incorporated in 1958, NMDC is India's largest merchant iron ore miner.</li><li>During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQ</li><li>We maintain our BUY rating on the stock. We value NMDC at Rs 175, based on SoTP valuation</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Incorporated in 1958, NMDC is India's largest merchant iron ore miner.During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQWe maintain our BUY rating on the stock. We value NMDC at Rs 175, based on SoTP valuationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

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Nmdc Ltd (NMDC IN)

Nmdc (Natmin) -Muted Iron Ore Realisation Impacts Performance…

Incorporated in 1958, NMDC is India's largest merchant iron ore miner. During FY22, NMDC’s iron ore production volume was at ~42 million tonne (MT)...

ICICI Securities Limited

NMDC: Steel Plant Commissioning Nears; Demerger in 3QFY23E

After posting the highest ever annual production of iron ore (at 42mt) in FY22, NMDC has raised the bar and is now aiming at 46mt for FY23E and...

Motilal Oswal

Strong pricing and volumes augur well

The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger...

Motilal Oswal

NMDC Ltd: Steady Operational Performance

During the quarter, NMDC reported iron ore sales volume of 9.8 MT, up 6% YoY & 9% QoQ (in line with our estimate of 9.9 MT). EBITDA/tonne came in...

ICICI Securities Limited

NMDC Ltd: Performs Well

During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQ (in line with our estimate of 8.9...

ICICI Securities Limited

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