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JP Morgan cuts ratings on Coal India, NMDC

JP Morgan cuts ratings on Coal India, NMDC

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

Photo: Reuters <em>Photo: Reuters</em>

JP Morgan downgrades Coal India Ltd to "underweight" from "neutral", while cutting NMDC Ltd 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.