Coal India Shares Surge To Over Eight-Year High After Production Growth
The company's coal production was at 71.9 MMT during the month. It stood at 531.9 MMT in the April-December period, a jump of 11% year-on-year.
Shares of Coal India Ltd. rose to an over-eight-year high on Tuesday after it reported 8.2% year-on-year growth in coal production in December.
The company's coal production was at 71.9 MMT during the month. It stood at 531.9 MMT in the April-December period, a jump of 11% year-on-year.
Shares of the miner rose 1.82% to Rs 388.75 apiece, the highest since Aug. 13, 2015, before paring gains to trade 1.77% higher at 09:46 a.m. This compares to a 0.03% decline in the NSE Nifty 50.
The stock has risen 3.46% year-to-date. The relative strength index was at 72.49, implying that the stock was overbought.
Of the 23 analysts tracking the company, 18 maintain a 'buy' rating, one recommends a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.4%.
