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Edelweiss: Maintain ‘reduce’ on SAIL with target price of Rs 33

In our view, the government’s decis-ion brings to the fore the larger issue of potential delays in the scheduled bidding process in the domestic iron ore market. If the bidding process is delayed, we es-timate a shortfall of at least 30–35 mtpa even if SAIL manages to ramp up produ-ction.