June 5, 2014 / 4:47 AM / 3 years ago

JP Morgan cuts ratings on Coal India, NMDC

A worker sprays water over piles of coal as a bulldozer shifts coal at Mundra Port Coal Terminal in Gujarat April 2, 2014.Amit Dave/Files

Reuters Markey Eye - JP Morgan downgrades Coal India Ltd (COAL.NS) to "underweight" from "neutral", while cutting NMDC Ltd (NMDC.NS) to "neutral" from "overweight".

The investment bank says Coal India's downgrade was driven by its assessment of potential coal production and prices.

On NMDC, JP Morgan says it expected just "broadly stable" domestic iron ore prices, while noting "weak" global iron ore prices as another factor.

Reporting by Indulal PM

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