Homemarket Newsstocks News

    Coal India surges as JP Morgan raises price target

    Coal India surges as JP Morgan raises price target

    Coal India surges as JP Morgan raises price target
    Read Time
    2 Min(s) Read
    Profile image

    By CNBCTV18.com  IST (Published)

    Mini

    Coal India shares surged in trade today after global brokerage JP Morgan raised its target price on the PSU stock by 20 percent.

    wealth-desk wealth-desk

    Buy / Sell Coal India share

    JP Morgan has raised its target price for Coal India Ltd (CIL) to Rs 285, maintaining an overweight stance on the state-run coal behemoth. The target price suggests an upside of more than 20 percent from Wednesday's market levels of around Rs 235.
    The global brokerage said that Coal India valuations are attractive amid ebbing ESG concerns. Also, coal inventories at power plants have increased and India's thermal coal imports may fall sharply in the second half of the year. Coal India is expected to benefit from e-auction prices, it further said.
    At 12.24 pm, Coal India share price was quoted at Rs 236.85 apiece, up 1.76 percent on BSE, after a flat opening at Rs 232.95 from its previous close of Rs 232.75. The day's high came in at Rs 237.15.
    Coal India posted better than estimated financial results for the April to June 2022 quarter, with its profit shooting up 2.7 times. The company’s consolidated net profit shot up 178 percent on a year-on-year basis to Rs 8,834 crore for the first quarter of 2022-23 on higher sales, beating CNBC-TV18 poll projection of Rs 6,301 crore.
    After Coal India's April-June quarter results, CLSA had also raised its target price to Rs 250 from Rs 205 per share earlier and maintained a buy rating.
    Jefferies, on the other hand, had given Coal India shares a hold rating with a target price of Rs 175 per share.
    CIL supplies nearly 80 percent of India's coal requirements, an industry tightly regulated by the government, given its strategic importance to meet energy requirements. In fact, CIL production increased by 44.6 million tonnes (MTs) in just five months and four days of the ongoing fiscal, as of September 4 eclipsing the previous best of 44.5 MTs registered in FY2016, which was for the entire year.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng