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After Production Growth, Coal Shares In India Jump To Almost Eight-Year High

Tuesday saw a record high for Coal India Ltd.’s shares as the company announced an 8.2% annual rise in coal production in December.

During the month, 71.9 MMT of coal were produced by the company. It increased 11% year over year to reach 531.9 MMT over the Aprilā€“December.

The miner’s shares increased by 1.82% to Rs 388.75 per share, the highest level since August 13, 2015, before giving up gains to close at 9:46 a.m. higher by 1.77%. This contrasts with the NSE Nifty 50, which declined by 0.03%. Year to date, the stock has increased by 3.46%. The stock appeared overbought, with a relative strength index of 72.49. Eighteen of the twenty-three analysts following the firm have a “buy” rating, while one suggests

Based on Bloomberg statistics, of the 23 analysts that follow the firm, eighteen have a “buy” rating, one suggests a “hold,” and four indicate a “sell.” The average 12-month consensus price target predicts a 7.4% decline.

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