Coal India shares edges lower as OFS opens for retail investors today

Coal India share price NSE, Coal India OFS: Coal India Ltd. (CIL) shares edged lower on Friday, June 2, on the back of the ongoing OFS being open for retail investors today. Coal India shares finished up 0.11 per cent or Rs 0.25 at Rs 230.6 apiece on NSE. On May 31, the government proposed to sell up to a three per cent stake in Coal India Ltd. through the Offer for Sale (OFS) route. The non-retail portion got a good response on Thursday and was subscribed 3.46 times. The company, in a regulatory filing, informed that its board has approved a price increase of 8 per cent over the existing notified prices for high-grade coal of grades G2 to G10. The company has taken the price hike after five years, as per Zee Business Research. Read more 

Coal India's target price

Brokerage firm CLSA has maintained a 'buy' call on the stock but has, however, cut the target price from Rs 280 to Rs 277. Moreover, JP Morgan has assigned "overweight" to the stock with a target price of Rs 290.

Coal India shares: Historical performance

Coal India's stock has given a positive return to its investors of over 17 per cent in the last 12 months (from June 1, 2022). In comparison, the headline index Nifty 50 has rallied nearly over 12 per cent.

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