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Coal India corrects after CIMB cuts price target on earnings concern

Coal India fell 0.4 percent in the morning on Friday after global research house CIMB has reduced call on the stock and slashed its target price to Rs 212 from Rs 245 earlier.



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The reason behind cutting price target and having a reduced call is earnings concerns going ahead.
The investment firm cut its FY19-21 EPS estimates by 7-19 percent and cut sales volume growth forecast to 6 percent from 8 percent per year in FY20-21. It also slashed FY19-21 blended coal average selling price by 1-2 percent.
CIMB raised its provisions by 140 percent to factor in higher provisions for coal quality variance. Hence headwinds remain for the stock, it said.
At 09:50 hours IST, the stock was quoting at Rs 234.75, down Rs 0.25, or 0.11 percent on the BSE.
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