Multibagger PSU stock: Coal India shares gain as company's production increases by 8% - Check target price

Coal India Share Price NSE, BSE Target 2024: Shares of Coal India Limited (CIL) surged around 2 per cent in early trade on Tuesday, a day after the PSU said that it has achieved an 8 per cent growth in coal production. The counter opened at Rs 478 and went on to touch the high of Rs 484.25 - a gain of 1.9 per cent from the previous close of Rs 474.80 on the BSE. 

Coal India Share Price Target

Brokerage firm Axis Securities has given a buy call for Coal India with a target price of Rs 550 per share. This means the stock can give up to 16 per cent from its July 1 closing price of Rs 474.8 each.

Coal India Share Price History

This is one of the PSU stocks that have given multibagger returns to investors. According to BSE analytics, it has given over 109 per cent return in one year and 163 per cent return in two years. The counter has already gained over 26 per cent so far this year. 

Coal India Production in Q1

The company has achieved an 8 per cent growth in coal production, reaching 189.3 million tonnes in the first quarter of the current fiscal, surpassing its target of 189.2 million tonnes.

The company's production increased by 13.8 million tonnes compared to the corresponding quarter of FY'24, with all seven producing subsidiaries registering positive growth, it said.

CIL's supplies also rose by 6 per cent to 198.4 million tonnes during April-June 2024, with a significant increase in supplies to both power and non-power sectors, it added.

The company's coal loading witnessed healthy growth, with an average of 367.2 rakes per day, a 10.3 per cent year-on-year increase, it said.