Coal India share price rises 5%. Here's why experts see a further 20% upside
Coal India share price rose 5 per cent in morning trade on BSE on Monday, looking set to extend its winning run into the third consecutive session. The stock opened at ₹238.05 against the previous close of ₹236.85 and rose 4.7 per cent to ₹248.90 in trade so far. The stock traded 5.05 per cent higher at ₹248.80 on BSE around 11:35 am.
As Mint reported earlier, Coal India on Friday reported a 13.2 per cent rise in its coal production last month at 52.3 million tonne (MT) of coal in August on a year-on-year basis. In August 2022, the public sector major produced 46.2 MT. So far in the current financial year (FY24), Coal India has produced 281.5 MT of the mineral, registering an 11 per cent growth compared to the same period last fiscal, according to a company statement.
Read more: Coal India's production up 13.2% in August amid surging power demand The stock has underperformed the benchmark Sensex in the last one year. While the Sensex has gained over 10 per cent in the last one year Coal India's share price has gained about 7 per cent in the same period. Coal India's share price hit its 52-week high of ₹263.30 on November 9, 2022 on BSE.
As of the previous session close, the stock is down 10 per cent from its 52-week high level. Experts and brokerage firms believe the stock can move higher from the current levels as indicated by the fundamental and technical factors of the stocks. Brokerage firmICICI Securities maintains a buy call on the Coal India stock, pegging the target price of ₹285, implying a 20 per cent upside potential.
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