Jefferies initiates coverage on NMDC Ltd with a 'buy' rating and a target price of 183 rupees, citing easing volume constraints, improving domestic iron ore demand-supply, and buoyant international ore prices.

Jefferies adds shares of the supplier of iron ore lumps have under-performed over the last year and are trading at a 35-40 percent discount to global peers.

NMDC shares fell 4.5 percent to 138.1 rupees on Monday.