Buy NMDC, target price Rs 156: ICICI Direct

ICICI Direct has buy call on NMDC with a target price of Rs 156. The current market price of NMDC Ltd. is Rs 142.2. Time period given by analyst is 2 weeks when NMDC Ltd. price can reach defined target.

NMDC Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 41541.34 Crore) operating in Mining sector.

NMDC Ltd. key Products/Revenue Segments include Iron Ore, Pellet, Sale of services, Diamonds, Power and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 6882.44 Crore, up 3.40 % from last quarter Total Income of Rs 6656.30 Crore and up 196.83 % from last year same quarter Total Income of Rs 2318.67 Crore. Company reported net profit after tax of Rs 2338.63 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to head higher towards Rs 156 levels in the coming weeks being the 80% retracement of the preceding decline (Rs 160-133).

Promoter/FII Holdings
Promoters held 60.79 per cent stake in the company as of 30-Sep-2021, while FIIs owned 6.83 per cent, DIIs 21.85 per cent.