Coal India share price up 48% this year so far; is it still a buy? Here's what experts say
Coal India share price has surged significantly in the calendar year 2023 yet experts and brokerage firms anticipate further double-digit gains, indicating that the stock's momentum is expected to continue. As of the November 21 close, Coal India share price has jumped 48.4 per cent this year, strongly outperforming the equity benchmark Sensex which has gained just 8.4 per cent in the same period.
Coal India share price hit its 52-week high of ₹359.80 last week on November 15. It plumbed its 52-week low of ₹207.70 on March 27 this year.
Coal India on November 22 announced it held an investors’ meet on November 21 following which many brokerage firms maintained their buy calls on the stock, expecting a healthy upside potential. Also Read: Suzlon Energy share price hits 5% lower circuit for second straight day, down about 12% in 3 days (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Brokerage firm ICICI Securities has maintained a buy call on the stock with a target price of ₹395, implying an 18 per cent upside potential.
"We attended Coal India’s analyst meet on Nov 21 to discuss its Q2FY24 earnings and outlook. Key points (1) Production/offtake target for FY24/FY25 stands at 780mt/850mt, (2) e-auction volume in H2FY24 maybe 15 per cent of production volume, (3) the capex target for FY24 stands at ₹16500 crore, (4) output enhancement through the MDO route is being contemplated, (5) investment of ₹24,750 crore has been envisaged for FMC projects, and (6) evacuation capability is being enhanced by developing railway infrastructure, in line with production plans," ICICI Securities said.
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