Dividend king PSU stock: Down 23% in 6 months! Nuvama sees 42% upside; target price, rationale

NMDC shares fell 1.76% to ₹69.90 on Friday after its second-quarter EBITDA declined 3% year over year to ₹19.4 billion, below expectations. Nuvama retained a Buy rating and raised its target price to ₹100, citing normalized supplies and potential second-half volume growth.