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NMDC Ltd, India's biggest iron ore producer, falls 1.3 pct.
Motilal Oswal Securities downgrades the stock to "sell" from "buy" and cuts price target to 104 rupees from 161.NMDC's pricing still non-competitive, despite steep price cuts, says Motilal Oswal

Cuts EBITDA estimates by 36 pct and 42 pct for FY16 and FY17, respectively.Steep correction in iron ore prices and rising capital commitment to the steel project will squeeze dividend payout-Motilal Oswal.

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