 "JP Morgan cuts target for MOIL on threat from cheap imports")
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Mumbai: JP Morgan has cut target price of state-run Manganese Ore India Ltd (MOIL) to Rs 410 from Rs 450 and maintained ‘overweight’ rating on back of steep price correction in global manganese ore market and threat from cheaper imports.
“Weak domestic steel demand could keep volumes muted in the near term,” JP Morgan said in a note. Key risks for MOIL are slow recovery in Chinese demand, delay in improvement in manganese ore prices and lower volume trend in a weak domestic steel environment, the investment bank added.
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