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Should Coal India's investors worry, after a stellar rally in stock?
Mint Mumbai
|January 03, 2024
Coal India Ltd (CIL) has kicked off 2024 with a bang. Shares of the mining major hit a new 52-week high for the second consecutive day on Tuesday.
Fuelling the optimism is the company's coal production and offtake numbers for April-December released late Monday. Production rose 11% year-on-year to 531.9 million tonnes (mt) during the period, while offtake was up 9% at 552 mt. This drove CIL's stock to a fresh 52-week high of 1395.85 apiece.
Some believe the rally in power stocks, too, may have aided sentiments for CIL. "From a valuation standpoint, all power stocks are trading at a premium to CIL, which could be arguably seen as a proxy for power," said Rohit Natarajan, an analyst at Antique Stock Broking. This is the primary driver behind the rally in CIL shares, he added.
This story is from the January 03, 2024 edition of Mint Mumbai.
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