Coal India gains as Jefferies sees 44% upside on cheap valuations

The stock price fell 26 percent in the last 6 months on volume growth concerns. Hence, the valuation appears cheap at current levels, Jefferies said.

Coal India shares gained nearly a percent intraday Tuesday after global brokerage house Jefferies has a buy rating on the stock with a price target at Rs 309, implying a 44 percent potential upside from November 25's levels.

The stock price fell 26 percent in the last 6 months on volume growth concerns. Hence, the valuation appears cheap at current levels, it said.

Now the resolution of short term disruptions and recent environment clearance approval could lift volume growth, according to the brokerage house which beliefs with power plant coal stocks normalizing, e-auction mix should improve.

Operating leverage gains should keep costs stable, it said.

At 11:41 hours IST, the stock was quoting at Rs 215.15, up Rs 0.70, or 0.33 percent on the BSE.

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