Investec has upgraded state-owned mining major NMDC to a ‘buy’ on the back of bottom-up economics and that prices are going up which implies further upside in terms of earnings.

However, the key risk they have highlighted is the unfavourable local variables that can come into effect in FY23 and can impact the earnings in FY23. The steel plant commissioning and demerger is the other big trigger for the stock.

They have raised the target price to Rs 201 from Rs 150.

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(Edited by : Ajay Vaishnav)