Coal India rose 2.35% to Rs 337.25 at 13:06 IST on BSE on reports that a foreign brokerage has upgraded the stock to outperform from neutral citing attractive valuations on the back of power distributors' restructuring.
Meanwhile, the S&P BSE Sensex was up 30.80 points or 0.11% at 26,816.35.
On BSE, so far 2.87 lakh shares were traded in the counter as against average daily volume of 4.42 lakh shares in the past one quarter.
The stock hit a high of Rs 339.45 and a low of Rs 329.35 so far during the day. The stock had hit a record high of Rs 447.25 on 5 August 2015. The stock had hit a 52-week low of Rs 300.75 on 29 September 2015.
The stock had underperformed the market over the past one month till 5 October 2015, sliding 4.97% compared with the Sensex's 6.28% rise. The scrip had also underperformed the market in past one quarter, declining 21.01% as against Sensex's 4.65% fall.
The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.
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The foreign brokerage reportedly said that the state electricity boards (SEBs) problem resolution may remove a big overhang, which would make the valuations of Coal India attractive. Meanwhile, media reports suggested that the Union Cabinet is likely to consider this week a proposal to recast Rs 4.3 lakh crore loans of nine state power distribution companies with a view to bring down their liabilities.
Coal India's consolidated net profit fell 6.7% to Rs 3764.35 crore on 6.5% growth in net sales to Rs 18955.75 crore in Q1 June 2015 over Q1 June 2014.
Coal India is an organized state-owned coal mining corporate.
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