Coal India share price: JPMorgan maintains its 'overweight' call for Coal India Ltd (CIL) and raises its target price to Rs 265 apiece.
JPMorgan raised its target price for Coal India Ltd (CIL) - the world's largest miner of dry fuel by output - to Rs 265 from Rs 238. The brokerage maintained its 'overweight' rating on the state-run coal behemoth.
It expects the operating environment to remain strong for Coal India over the coming quarters.
JPMorgan raised its earnings per share estimates for Coal India by seven percent. It has built-in conservative e-auction premiums of 50 percent for the year ending March 2023 and 40 percent for the financial year 2023-24.
The brokerage sees a consensus earnings upgrade cycle for the state-run company ahead.
Coal India shares have rewarded investors with a return of close to 28 percent in the past year, as against the benchmark Nifty50 index's 18 percent gain.
Earlier this month, Coal India Chairman Pramod Agrawal said the company should become a net-zero carbon emitter in the next 3-4 years.
In February, Coal India reported a 47.7 percent year-on-year jump in net profit to Rs 4,556.5 crore for the October-December period, beating Street estimates. Its revenue increased 20 percent on-year to Rs 28,433.5 crore.
Analysts in a CNBC-TV18 poll had estimated the miner's quarterly net profit at Rs 4,195 crore and revenue at Rs 27,625 crore.
(Edited by : Akanksha Upadhyay)
First Published: IST