Coal India hits a 52-week high after above-estimate Q2 numbers, brokerages raise targets

Coal India Share Price: Coal India Ltd (CIL) shares surged to a 52-week high on Monday after the state-run mining major staged a stellar quarterly financial performance, aided by high power demand and boosted production amid a weak monsoon. 

The stock of the Kolkata-based coal giant spiked by as much as Rs 17, or 5.1 per cent, to Rs 348.7 apiece on BSE, surpassing an existing 52-week peak of Rs 263.3 scaled in November last year. 

Jefferies, CLSA, Citi raise target

After the company reported its Q2 result on Sunday, brokerages Jefferies, CLSA, and Citi increased their repsective share target prices for Coal India shares. 

Jefferies has upgrade Coal India shares from 'buy' from 'hold', raising the target to Rs 385 from Rs 240.

Citi has maintained its 'neutral' stance on the company, raising its target price to Rs 320 from Rs 260. 

CLSA has downgrade Coal from 'buy' to 'accumulate', but it raised the target to Rs 330 from Rs 270.

Coal India Q2 results

Coal India beat Zee research estimates of Rs 4,724 crore in its profit after tax, reporting a jump of 12.5 per cent to Rs 6,800 from Rs 6, 044 year-on-year (YoY)

Its revenue from operations also beat Street estimates of Rs 31774 crore, reporting a jump of 10 per cent to Rs 32,776 crore from Rs 29,838 crore YoY. Read more on Coal India Q2 earnings

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