Coal India shares gain as Jefferies turns bullish, JM Financial maintains cautious view Shares of Coal India rose 2 per cent in early trade on Wednesday, driven by renewed buying interest and positive commentary from brokerage firms. The stock traded at ₹448.05 on the NSE at 11.24 am, having climbed to an intraday high of ₹451.80 compared with the previous close of ₹443.55. The stock had previously reached its 52-week high of ₹461.55 on January 29, 2026. Global brokerage Jefferies maintained a buy rating on Coal India and raised its target price to ₹485 from ₹450, citing improving earnings visibility and favorable demand conditions. The firm noted that after a 21 per cent earnings per share decline over FY24–26E, the company’s earnings trajectory is expected to improve with a 9 per cent compound annual growth rate over FY26–28. Jefferies highlighted a recovery in power demand, driven by expectations of an intense summer and weak rainfall, which is likely to support higher coal volumes. It also pointed to firm global coal prices potentially improving e-auction realisations for the company. Despite a steady rise in captive coal production, Coal India has retained its dominant 60 per cent share in India’s overall coal demand. The company’s long-term demand outlook remains intact, with plans for annual growth of about 5 per cent over the medium term. Domestic brokerage JM Financial, however, maintained a more cautious stance after meeting the company’s management. The firm noted that both fuel supply agreement prices and e-auction prices have stabilised after recent surges and are expected to remain steady, barring temporary spikes due to supply-side constraints. Early trials aimed at replacing imported coal, which accounts for an annual requirement of 40–45 million tonnes, with domestic supplies have shown encouraging results.#nse #jefferies #coal_india #jm_financial #coal_demand
