NMDC’s ‘Made in China’ problems to trigger earnings downgrade, says Kotak Equities; stock falls 4%

“NMDC’s fines prices are at a 35% premium to export parity and we expect a sharp cut in prices, likely in April 2024. We also believe that the best volume growth is behind us in 11MFY24 and will see only a moderate 3.8% CAGR over FY2024-26E, similar to last decade,” the Kotak note said.

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