Coal India shares slip over 3% after disappointing Q4 nos; brokerages mixed

Coal India share price NSE: Coal India Ltd, NSE: COALINDIA shares slipped over 3 per cent on Monday after the world's largest coal miner failed to meet D-Street expectations of its fourth-quarter results. Coal India reported a 17.68 per cent drop in its March quarter net profit on higher provisions made for wage revision of employees.

The stock opened at Rs 232.5 on NSE. At 1: 25 PM, the counter quoted Rs 230.85, down by 6.55 per cent or R 2.76 on the NSE.

Coal India share price target

Post the Q4 results brokerages have a mixed view on the counter. Jefferies maintained a hold on Coal India with a target price of Rs 225. Besides, Citi maintained a neutral call on the counter but has raised its target price to Rs 240 from Rs 225.

Meanwhile, JP Morgan maintained an overweight rating with a target price of Rs 290  Below estimated primarily due to higher provisioning amidst the pending finalization of the wage agreement, the brokerage said in its report. CLSA has a buy stance on the counter with a target price of Rs 280. 

According to the company's filing the company reported a consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in January-March quarter as compared to Rs 6,715 crore, or Rs 10.86 a share earning in the same period of year back.

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