Coal India Limited’s shares have risen by 58.90 per cent in the past year on the back of favourable demand-supply dynamics and growing global coal demand. 

The state-run behemoth supplies nearly 80 per cent of India’s coal requirements. In fact, it’s production. increased by 44.6 million tonnes (MTs) in just five months and four days of the ongoing fiscal, as of September 4, surpassing the previous best of 44.5 MTs registered in FY2016, which was for the entire year.

August is a seasonally weak month, however, the company fared well in terms of production. Its output rose 8.5 per cent year-on-year (y-o-y) to 46.2 million tonnes, but the rise in offtake was subdued at 5 per cent y-o-y because of the higher base of last year. The company has an offtake target of 700 million tonnes for FY 23, suggesting an upside of 3.6 per cent year on year.

Experts expect that the demand in the power sector will continue and this will drive a rise in the offtake in the coming days. Further, the company sells coal through fuel supply agreements (FSA) and the e-auction route. Coal sold through e-auction tracks prices of international coal, which have surged substantially in 2022.

The company’s shares were quoted at ₹ 237.00 apiece at 11:25 AM on Thursday. Motilal Oswal has a buy call on the shares of the company with a target price of ₹ 290.00 apiece. This indicates an upside of 22.36 per cent as compared to its share price.

JP Morgan has maintained an overweight rating on the shares of Coal India Limited and has raised its target price to ₹ 285.00 apiece. This target translates to an upside of  20.25 per cent as compared to its current share price.

Written by Simran Bafna


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