Buy NMDC Ltd For Target Rs. 141 - Yes Securities Ltd
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NMDC Ltd’s operational performance:
After having the best-ever Q1 performance in terms of production and sales during FY24, NMDC has set high targets when it comes to its mine expansion and operational output plans. ? The management is aiming to reach a goal of being an iron ore miner with a production capacity of ~100 mtpa by the year 2030, in-line with the National Steel Policy goals. ? During the first five months of the financial year (April-August), the company has produced a total of 16.55 mn tonnes of iron ore and made sales of 17.72 mn tonnes. ? The management guidance for production for the year is between 47.0 - 49.0 mn tonnes. For the company, to meet its guidance figures, we expect higher production during the second half of the financial year. ? With the capacity additions being done by the major steel producers in India, the demand for iron ore is expected to rise and NMDC being the preferred iron ore supplier will ride on the back of the volume growth in the steel sector.
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SEBI Registration number is INZ000185632
