Coal India share price hits fresh 52-week high, up 54% in 7 months; is it still buy-worthy?
₹319.55 on Thursday, October 18. It has jumped about 41 per cent in the calendar year so far, strongly outperforming the equity benchmark Sensex which has gained 9 per cent in the same period. Coal India share price hit its 52-week low of ₹207.70 on March 27 this year.
In about seven months, the stock has surged 54 per cent. After market hours on Monday, Coal India announced that its supplies to thermal power plants of the country shot up close to 6 per cent to 23.5 million tonnes (mt) during the first fortnight of October 2023 ahead of the festive season. Comparatively, the supplies were 22.2 MTs in the same period of October 2022.
The strong power demand is leading to higher demand from the power sector. Coal India’s first half FY24 production at 333 MT already had risen 11.3 per cent year-on-year while total supplies at 360.7 mt during the first half, were up 8.6 per cent YoY growth. The analysts say Coal India's growth is commendable looking at the high base.
Also Read: Coal India share price scales 52-week high on improved volumes and blended realization outlook (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Mint talked to several analysts to understand the fundamental and technical aspects of the stock. Here's what they said: We remain positive on Coal India as it is slowly getting out of the typical PSU tag, with production at record levels and consistently exceeding its own targets.
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