December 11, 2012 / 8:47 AM / 5 years ago

MARKET EYE-NMDC gains as Barclays upgrade offsets auction price concerns

1 Min Read

* Shares in Indian state-run miner NMDC Ltd gain 2.9
percent, recovering from an earlier fall of 2.7 percent, with
Barclays' upgrade of the stock offsetting concerns over the
auction floor price for the company's share issue. 
*Barclays raised NMDC to 'overweight' from 'underweight' late on
Monday, citing favourable pricing dynamics in domestic iron ore
markets.
* The investment bank also raised its 12-month price target on
NMDC to 210 rupees from 173 rupees.
* Barclays said the falling domestic output of iron ore because
of caps and restrictions in some Indian states could increase
imports of the commodity, bringing domestic prices in line with
seaborne prices.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net)

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