7/27/2019 NMDC, 1Q FY 2014
1/12
Please refer to important disclosures at the end of this report 1
Quarterly highlights (Standalone)Particulars (` cr) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq)Net sales 2,871 2,840 1.1 3,204 (10.4)EBITDA 1,971 2,302 (14.4) 2,156 (8.6)
% margin 68.7 81.0 (1238)bp 67.3 139bp
Adj. PAT 1,638 1,906 (14.1) 1,871 (12.4)Source: Company, Angel Research
NMDC reported better than expected 1QFY2014 results both on top-line
and profitability front due to better-than-expected realizations. WemaintainBuy on the stock due to its inexpensive valuations.Robust operational performance: NMDCs net sales increased by 1.1% yoy to`2,871cr (above our estimates of `2,695cr) mainly due to higher volumes
which increased 6.8% yoy to 7.3mn tonne, although the same was partially
offset by lower realizations. Iron ore realization decreased 5.6% yoy to
`3,904/tonne, but it was above our estimate.
EBITDA/tonne slumps on lower realizations: The EBITDA/tonne decreased by19.8% yoy to `2,715 due to lower realizations. The companys depreciation
expenses grew by 10.9% yoy to `36cr and there was an exceptional item of
`66cr relating to penalty and contribution towards the Special PurposeVehicle (SPV) created for Karnataka illegal mining cases. Excluding this
exceptional item, the adjusted net profit decreased by 14.1% yoy to `1,638cr
(above our estimate of `1,540cr).
Outlook and valuation: NMDCs stock price has corrected sharply over the pastone year. Nevertheless, a strong balance sheet, presence in sellers market (iron
ore), low cost of production, high-grade mines, long mine life and high dividend
yield (7.0% at CMP) make NMDC an attractive bet at the current levels. Valuingthe stock at 3.5x FY2015E EV/EBITDA, we derive a fair price of `123 andrecommend Buy on the stock.Key financials (Standalone)Y/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet sales 11,261 10,704 10,718 11,514% chg (1.0) (4.9) 0.1 7.4
Net profit 7,266 6,342 6,136 6,383% chg 11.8 (12.7) (3.2) 4.0
FDEPS (`) 18.3 16.0 15.5 16.1OPM (%) 79.3 68.9 66.6 64.5
P/E (x) 5.5 6.2 6.5 6.2
P/BV (x) 1.6 1.4 1.3 1.2
RoE (%) 33.3 24.4 21.2 20.0RoCE (%) 40.1 27.7 24.1 22.7
EV/Sales (x) 1.7 1.6 1.6 1.5
EV/EBITDA (x) 2.1 2.4 2.4 2.3
Source: Company, Angel Research: Note: CMP as of August 7, 2013
BUYCMP `100
Target Price `123
Investment Period 12 months
Stock Info
Sector
Net Debt (`cr) (20,512)
Bloomberg Code
Shareholding Pattern (%)
Promoters 80.0
MF / Banks / Indian Fls 11.5
FII / NRIs / OCBs 4.9Indian Public / Others 3.7
Abs. (%) 3m 1yr 3yr
Sensex (6.2) 6.0 2.9
NMDC (23.0) (45.4) 6.0
Face Value (`)
BSE Sensex
Nifty
Reuters Code
39,627
1.1
201/93
412,981
Mining
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
1
18,665
5,519
NMDC.BO
NMDC@IN
Bhavesh ChauhanTel: 022- 39357600 Ext: 6821
Vinay RachhTel: 022- 39357600 Ext: 6841
NMDCPerformance Highlights
1QFY2014 Result Update | Mining
August 8, 2013
7/27/2019 NMDC, 1Q FY 2014
2/12
NMDC| 1QFY2014 Result Update
August 8, 2013 2
Exhibit 1:1QFY2014 performance (Standalone)Y/E March (` cr) 1QFY14 1QFY13 yoy % 4QFY13 qoq % FY2013 FY2012 yoy %Net Sales 2,871 2,840 1.1 3,204 (10.4) 10,704 11,261 (4.9)Raw Material 28 (5) - (65) (143.1) 184 23 711.3% of net sales 1.0 (0.2) (2.0) 1.7 0.2
Consumption of stores & spares 62 54 15.0 100 (38.5) 289 257 12.6
% of net sales 2.2 1.9 3.1 2.7 2.3
Staff Cost 148 135 9.7 161 (8.1) 580 529 9.6
% of net sales 5.2 4.8 5.0 5.4 4.7
Other Expenditure 661 354 86.9 852 (22.4) 871 406 114.4
% of net sales 23.0 12.5 26.6 8.1 3.6
Total Expenditure 899 538 67.1 1,048 (14.2) 3,326 2,336 42.4
% of net sales 31.3 19.0 32.7 31.1 20.7
Operating Profit 1,971 2,302 (14.4) 2,156 (8.6) 7,378 8,925 (17.3)OPM% 68.7 81.0 67.3 68.9 79.3
Other Operating Income - - - - -
EBIDTA 1,971 2,302 (14.4) 2,156 (8.6) 7,378 8,925 (17.3)EBITDA margins (%) 68.7 81.0 67.3 68.9 79.3
Interest - - - 13 - 13 12 6.5
Depreciation 36 33 10.9 39 (6.0) 139 130 6.4
Other Income 521 552 (5.7) 547 (4.8) 2,226 2,016 10.4
Exceptional Items (66.0) - (406.0) - -
Profit before Tax 2,390 2,821 (15.3) 2,245 6.4 9,465 10,811 (12.4)% of net sales 83.2 99.3 70.1 88.4 96.0
Tax 818 915 (10.7) 780 4.8 3,123 3,494 (10.6)
% of PBT 34.2 32.4 34.8 33.0 32.3
Adjusted net profit 1,638 1,906 (14.1) 1,871 (12.4) 6,342 7,266 (12.7)
Source: Company, Angel Research
Exhibit 2:1QFY2014 Actual vs Angel estimates(` cr) Actual Estimates Variation (%)Net sales 2,871 2,695 6.5
EBITDA 1,971 1,806 9.2
EBITDA margin (%) 68.7 67.0 167bp
PAT 1,638 1,540 6.4
Source: Company, Angel Research
7/27/2019 NMDC, 1Q FY 2014
3/12
NMDC| 1QFY2014 Result Update
August 8, 2013 3
Result highlights
Volumes jump 6.8% yoy
NMDCs net sales increased by 1.1% yoy to `2,871cr (above our estimate of`2,695cr) mainly due to higher volumes which increased 6.8% yoy to 7.3mn
tonne. However, its realizations decreased 5.6% yoy to `3,904/tonne.
Exhibit 3:Sales volume increases 6.8% yoy
Source: Company, Angel Research
Exhibit 4:Realization decreased by 5.6% yoy
Source: Company, Angel Research
Exhibit 5:Net sales increased by 1.1% yoy
Source: Company, Angel Research
EBITDA/tonne decreased by 19.8% yoy
The companys EBITDA decreased by 14.4% yoy to `1,971cr. However, the
EBITDA margin contracted 1,238bp yoy to 68.7%. EBITDA/tonne decreased by
19.8% yoy to `2,715 due to lower realizations.
6.9
7.6
6.4 6.56.8
5.95.3
8.2
7.3
(30)
(20)
(10)0
10
20
30
40
50
60
0
1
23
4
5
6
7
8
9
1QFY12 3QFY12 1QFY13 3QFY13 1QFY14
(%)
(mntonnes)
Sales volumes % yoy (RHS)
4,015
4,030
4,394
3,982
4,136
4,442
3,820
3,843
3,904
(20)
(15)
(10)
(5)
0
5
10
15
3,500
3,600
3,7003,800
3,900
4,000
4,100
4,200
4,300
4,400
4,500
1QFY12 3QFY12 1QFY13 3QFY13 1QFY14
(%)
(`/tonne)
Average realization % yoy (RHS )
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
30.0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(`cr)
Net revenue (LHS) yoy change (RHS)
7/27/2019 NMDC, 1Q FY 2014
4/12
NMDC| 1QFY2014 Result Update
August 8, 2013 4
Exhibit 6:EBITDA/tonne decreased by 19.8% yoy
Source: Company, Angel Research
Exhibit 7:EBITDA margin stood at 68.7%
Source: Company, Angel Research
Net profit declined by 14.1% yoy
The companys depreciation expenses grew by 10.9% yoy to `36cr and there was
an exceptional item of `66cr relating to penalty and contribution towards the
Special Purpose Vehicle (SPV) created for Karnataka illegal mining cases. Other
income declined by 5.7% yoy to `521cr and tax rate was also higher at 34.2%
in 1QFY2014 compared to 32.4% in 1QFY2013. Consequently, the adjusted
net profit decreased by 14.1% yoy to `1,638cr (above our estimate of
`1,540cr).
Exhibit 8:Net margin stood at 57.1%
Source: Company, Angel Research
3,268 3,214
3,532
3,062
3,385 3,307
2,615 2,6162,715
(30)
(25)
(20)
(15)
(10)
(5)
0
5
10
15
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1QFY12 3QFY12 1QFY13 3QFY13 1QFY14
(%)
(`/tonne)
EBITDA/tonne % yoy (RHS)
81.079.5 80.1
76.1
81.0
74.167.9
67.3 68.7
0
10
20
30
40
50
60
70
80
90
0
500
1,000
1,500
2,000
2,500
3,000
1QFY12 3QFY12 1QFY13 3QFY13 1QFY14
(%)
(`cr)
EBIT DA (LHS ) EBITD A margin (RH S)
64.764.1
65.9 65.367.1
64.363.1
58.4
57.1
52
54
56
58
60
62
64
66
68
0
500
1,000
1,500
2,000
2,500
1QFY12 3QFY12 1QFY13 3QFY13 1QFY14
(`
cr)
Net profi t (LHS) Net profi t margin (RHS)
7/27/2019 NMDC, 1Q FY 2014
5/12
NMDC| 1QFY2014 Result Update
August 8, 2013 5
Investment rationale
Steady production volume growth during FY2013-15NMDC aims to ramp up its production capacity to 48mn tonne by FY2015E(current capacity 32mn tonne) through increased exploration of its existing mines
and development of new mines, ie Bailadila 11/B, Kumaraswamy and Deposit 10
& 11/A. However, given the anticipated low steel demand, we forecast iron ore
sales volumes to increase to 30mn tonne by FY2015. We expect sales volumes to
grow by 6.9% and 7.1% yoy in FY2014 and FY2015, respectively.
Exhibit 9:Iron ore capacity expansion plans
Source: Company, Angel Research
High dividend yield likely to act as cushion to share priceDuring FY2013, NMDC has stepped up its dividend payout to 44% (17% in
FY2012) despite a 12.7% decline in EPS during FY2013. Given the cash-rich
balance sheet, high visibility on operating cash flows, and limited capex on mine
development, we opine that stepping up dividend payout is a right strategy by the
company; it augurs well for minority shareholders implying a dividend yield of
6.8% at CMP. Further, with cash balance of `21,025cr (as on March 31, 2013),
we expect dividend of `7/share to continue during FY2014-15.
Seeking to diversify into steel making
The Management intends to diversify its operations by moving downstream
through establishing steel plants and pellet plants. Accordingly, the company aims
to build an integrated 3mn tonne steel plant in Jagdalpur, Chhattisgarh. Land
acquisition for the same is nearly complete, which gives comfort as land
acquisition has been a major bottleneck to greenfield projects in recent times.
However, we believe the steel project is not likely to be value accretive to NMDC in
the initial period of operations.
32
48
7
72
0
10
20
30
40
50
60
Current Bai ladi la 11/B Kumaraswamy Dep. 10, 11/A Total
(mntonnes)
7/27/2019 NMDC, 1Q FY 2014
6/12
NMDC| 1QFY2014 Result Update
August 8, 2013 6
Exhibit 10:Chhattisgarh steel project statusCapacity 3mn tonne per year
Capex `15,525cr
Land Total land required: 1,934 acres. Total land acquired: 1,932 acres.Balance land is under allotment process.
Date ofcompletion
42 months from Zero date i.e., receipt of all statutoryclearance/approvals and placement of orders.Targeted completion period FY2015
Source: Company, Angel Research
Outlook and valuation
NMDCs stock price has corrected sharply over the past one year. Nevertheless, a
strong balance sheet, presence in sellers market (iron ore), low cost of production,
high-grade mines, long mine life and high dividend yield (7.0% at CMP) makeNMDC an attractive bet at the current levels. Valuing the stock at 3.5x FY2015EEV/EBITDA, we derive a fair price of `123 and recommend Buy on the stock.Exhibit 11:Key assumptions
FY2014E FY2015ESales volume (mn tonne) 28 30
Average realization (US$/tonne) 3,519 3,569
Source: Angel Research
Exhibit 12:EPS Angel forecast vs consensusYear (`) Angel forecast Bloomberg consensus Variation (%)FY2014E 15.5 15.3 1.2
FY2015E 16.1 16 (0.6)
Source: Bloomberg, Angel Research
Exhibit 13:EV/EBITDA band
Source: Bloomberg, Angel Research
0
50,000
100,000
150,000
200,000
250,000
Apr-10 Dec-10 Aug-11 Apr-12 Dec-12 Aug-13
(`
cr)
5x 8x 11x 17x 14x
7/27/2019 NMDC, 1Q FY 2014
7/12
NMDC| 1QFY2014 Result Update
August 8, 2013 7
Exhibit 14:P/E band
Source: Bloomberg, Angel Research
Exhibit 15:P/BV band
Source: Bloomberg, Angel Research
Exhibit 18: Recommendation summary
Companies CMP Target Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)(`) price (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Sesa Goa 130 162 Buy 11,315 25 4.8 4.4 0.6 0.5 31.8 14.3 12.9 12.5 1.8 3.6NMDC 100 123 Buy 39,627 23 6.5 6.2 1.3 1.2 2.4 2.3 21.2 20.0 24.1 22.7Coal India 263 - Neutral 165,962 - 10.4 9.7 2.5 2.2 4.3 3.6 33.3 33.1 19.7 19.7
MOIL 186 248 Buy 3,117 33 8.1 8.0 1.0 0.9 1.7 1.3 13.4 12.4 10.6 9.9
Source: Company, Angel Research
Company background
Incorporated in November 1958, government-owned NMDC is Indias largest iron
ore producer with a capacity of 32mn tonne. The company operates high-grade
iron ore mines at Kirandul and Bacheli in Chhattisgarh and Donimalai in
Karnataka. The average mine life of NMDC is 38 years currently.
0
100
200
300
400
500
600
Apr-10 Dec-10 Aug-11 Apr-12 Dec-12 Aug-13
(`)
9x 14x 19x 24x
0
100
200
300
400
500
600
700
Apr-10 Dec-10 Aug-11 Apr-12 Dec-12 Aug-1
(`)
2.0x 4.0x 6.0x 8.0x
7/27/2019 NMDC, 1Q FY 2014
8/12
NMDC| 1QFY2014 Result Update
August 8, 2013 8
Profit & loss statement (Standalone)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ENet Sales 6,239 11,369 11,261 10,704 10,718 11,514Other operating income - - - - - -Total operating income 6,239 11,369 11,261 10,704 10,718 11,514% chg (17.5) 82.2 (1.0) (4.9) 0.1 7.4
Total Expenditure 1,817 2,722 2,336 3,326 3,577 4,084
Net Raw Materials 211 123 234 105 224 264
Personnel 420 492 529 580 621 652
Other 1,186 2,107 1,573 2,642 2,733 3,168
EBITDA 4,422 8,646 8,925 7,378 7,141 7,430% chg (24.2) 95.5 3.2 (17.3) (3.2) 4.0
(% of Net Sales) 70.9 76.1 79.3 68.9 66.6 64.5
Depreciation & Amort. 73 125 130 139 145 153
EBIT 4,349 8,521 8,794 7,239 6,996 7,277% chg (24.6) 95.9 3.2 (17.7) (3.4) 4.0
(% of Net Sales) 69.7 75.0 78.1 67.6 65.3 63.2
Interest & other Charges - - - - - -
Other Income 862 1,206 2,016 2,226 2,163 2,250
Recurring PBT 5,211 9,727 10,811 9,465 9,159 9,527% chg (21.6) 86.7 11.1 (12.4) (3.2) 4.0
Extraordinary Inc/(Exp.) - - (513.0) - - -
PBT (reported) 5,211 9,727 10,760 9,465 9,159 9,527Tax 1,760 3,228 3,494 3,123 3,022 3,144
(% of PBT) 33.8 33.2 32.5 33.0 33.0 33.0
PAT (reported) 3,451 6,499 7,266 6,342 6,136 6,383ADJ. PAT 3,451 6,499 7,266 6,342 6,136 6,383% chg (21.1) 88.3 11.8 (12.7) (3.2) 4.0
(% of Net Sales) 55.3 57.2 64.5 59.2 57.3 55.4
Basic EPS (`) 8.7 16.4 18.3 16.0 15.5 16.1Fully Diluted EPS ( ) 8.7 16.4 18.3 16.0 15.5 16.1% chg (21.1) 88.3 11.8 (12.7) (3.2) 4.0
7/27/2019 NMDC, 1Q FY 2014
9/12
NMDC| 1QFY2014 Result Update
August 8, 2013 9
Balance sheet (Standalone)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 396 396 396 396 396 396Reserves& Surplus 13,876 18,818 24,010 27,105 29,994 33,130
Shareholders Funds 14,272 19,215 24,406 27,501 30,391 33,527Total Loans - - - - - -
Deferred Tax Liability 85 103 100 100 100 100
Other Long term Liabilties 22 23 23 23 23
Long Term Provisions 15 13 13 13 13
Total Liabilities 14,357 19,354 24,543 27,638 30,528 33,664APPLICATION OF FUNDSGross Block 1,771 2,273 2,388 3,388 3,888 4,388
Less: Acc. Depreciation 984 (1,174) (1,199) (1,338) (1,483) (1,636)
Net Block 787 1,099 1,189 2,050 2,405 2,752Capital Work-in-Progress 561 568 1,494 2,164 4,364 7,064
Goodwill - - - - - -
Investments 76 136 248 248 248 248Long Term Loans and Adv. - 199 512 512 512 512
Other non- current assets - 11 7 7 7 7
Current Assets 14,264 19,086 23,199 24,804 25,185 25,368Cash 12,855 17,228 20,265 21,892 22,277 22,446
Loans & Advances 683 557 1,048 1,048 1,048 1,048
Other 726 1,300 1,886 1,864 1,860 1,875
Current liabilities 1,348 1,744 2,105 2,147 2,194 2,288Net Current Assets 12,916 17,342 21,094 22,657 22,992 23,080Mis. Exp. not written off 17 - - - - -
Total Assets 14,357 19,354 24,543 27,638 30,528 33,664
7/27/2019 NMDC, 1Q FY 2014
10/12
NMDC| 1QFY2014 Result Update
August 8, 2013 10
Cash flow statement (Standalone)Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 5,207 9,726 10,760 9,465 9,159 9,527
Depreciation 73 122 184 139 145 153Change in Working Capital 926 (525) (889) 64 50 80
Others (832) (1,144) (1,962) - - -
Direct taxes paid (1,770) (3,318) (3,502) (3,123) (3,022) (3,144)
Cash Flow from Operations 3,604 4,862 4,595 6,545 6,332 6,616Inc./ (Dec.) in Fixed Assets (422) (456) (1,211) (1,670) (2,700) (3,200)
Other income 828 (3,961) 472 - - -
Cash Flow from Investing 407 (4,417) (739) (1,670) (2,700) (3,200)Issue of Equity - - - - - -
Inc./(Dec.) in loans - - - - - -
Dividend Paid (Incl. Tax) (895) (994) (1,911) (3,247) (3,247) (3,247)
Others - (0) (0.1) - - -
Cash Flow from Financing (895) (994) (1,911) (3,247) (3,247) (3,247)Inc./(Dec.) in Cash 3,115 (550) 1,945 1,628 385 169
Opening Cash balances 9,740 1,648 1,153 3,098 21,892 22,277Closing Cash balances 12,855 1,153 3,098 21,892 22,277 22,446
7/27/2019 NMDC, 1Q FY 2014
11/12
NMDC| 1QFY2014 Result Update
August 8, 2013 11
Key ratios
Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 11.5 6.1 5.5 6.2 6.5 6.2P/CEPS 11.2 6.0 5.4 6.1 6.3 6.1
P/BV 2.8 2.1 1.6 1.4 1.3 1.2
Dividend yield (%) 1.8 3.3 4.5 7.0 7.0 7.0
EV/Sales 4.3 2.0 1.7 1.6 1.6 1.5
EV/EBITDA 6.0 2.6 2.1 2.4 2.4 2.3
EV / Total Assets 1.9 1.2 0.8 0.6 0.6 0.5
Per Share Data (`)EPS (Basic) 8.7 16.4 18.3 16.0 15.5 16.1
EPS (fully diluted) 8.7 16.4 18.3 16.0 15.5 16.1
Cash EPS 8.9 16.7 18.7 16.3 15.8 16.5
DPS 1.8 3.3 4.5 7.0 7.0 7.0
Book Value 36.0 48.5 61.6 69.4 76.7 84.6
Dupont AnalysisEBIT margin 69.7 75.0 78.1 67.6 65.3 63.2
Tax retention ratio (%) 66.2 66.8 67.7 67.0 67.0 67.0
Asset turnover (x) 3.8 6.7 3.7 2.2 1.6 1.2
ROIC (Post-tax) 174.0 333.3 197.7 101.8 69.4 51.4
Cost of Debt (Post Tax)
Returns (%)ROCE (Pre-tax) 33.4 50.6 40.1 27.7 24.1 22.7
Angel ROIC (Pre-tax) 347.9 744.9 444.2 246.6 200.7 192.9
ROE 26.6 38.8 33.3 24.4 21.2 20.0
Turnover ratios (x)Asset Turnover (Gross Block) 3.6 5.6 4.8 3.7 2.9 2.8
Inventory / Sales (days) 60 48 68 65 60 50
Receivables (days) 43 15 20 20 20 20
Payables (days) 91 62 68 68 68 68
WC cycle (ex-cash) (days) 27 3 15 27 25 21
Solvency ratios (x)Net debt to equity (0.9) (0.9) (0.8) (0.8) (0.7) (0.7)
Net debt to EBITDA (2.9) (2.0) (2.3) (3.0) (3.2) (3.1)Interest Coverage (EBIT / Int.) - - - - - -
7/27/2019 NMDC, 1Q FY 2014
12/12
NMDC| 1QFY2014 Result Update
August 8 2013 12
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment bankingor other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.
Disclosure of Interest Statement NMDC
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below`
1 lakh for Angel, its Group companies and Directors