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Coal India Share: Shares of Coal India rose 4 percent to a seven-year high on BSE on Monday. In weak intraday trade on Monday, the stock traded at Rs. 347.50, its highest level since September 2016. The rise in the company’s shares comes after an excellent September quarter (Q2FY24) report. In comparison, the S&P BSE Sensex was down 0.45 percent at 64,968 at 09:33 am.
Up 47% since September
For FY24, the company posted Rs. It has also declared its first final dividend of 15.25 and fixed the record date for it on November 21, 2023. Let us tell you that the market price of Coal India has increased by 47 percent since September this year. The world’s largest coal mining company, Coal India (CIL) reported 9.85% year-on-year growth in revenue and 12.51% in net profit during Q2FY24.
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What did the broker say?
Motilal Oswal Financial Services also raised its target price on Coal India shares to ₹380 per share while maintaining its ‘buy’ rating. Motilal Oswal said, Coal India is our top choice in the mining sector.