Retain Buy on valuations despite risk of higher levies NMDC's 2QFY21 EBITDA declined 7% YoY to INR10.3b as lower iron ore prices offset the benefit of 14% YoY volume growth. Outlook for 2HFY21, however, is strong as currently prices are ~30% higher (or ~INR800/t) than 2QFY21 average, which should drive significantly higher profitability. The government's proposal to levy an additional premium on NMDC's renewed mining leases, however, has emerged as a key overhang. If a premium of 22.5% of revenue is levied on all mines of NMDC, it poses a...