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.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.