Earlier in the day, the Coal India stock hit a 52-week high, driven by increased buying activity from investors anticipating high coal demand to meet the soaring power requirements.
Coal India shares hit a fresh 52-week high today.
New Delhi,UPDATED: May 22, 2024 13:27 IST
Shares of Coal India have been on a winning streak despite high volatility on Dalal Street. Today, Coal India shares rose 2.5%, reaching ₹503 apiece on the Bombay Stock Exchange (BSE). Over the past five sessions, the stock has gained 10% and has surged more than 31% this year.
Earlier in the day, the stock hit a 52-week high, driven by increased buying activity from investors anticipating high coal demand to meet the soaring power requirements.
The stock had also registered a 52-week high the previous day.
The rise in Coal India's shares coincides with record-high power demand across several parts of the country due to ongoing heatwaves.
It may be noted that severe heatwave conditions are expected to persist over parts of Rajasthan, Punjab, Haryana-Chandigarh-Delhi, and West Uttar Pradesh for the next five days, according to the India Meteorological Department.
The weather department has issued a 'red alert' for these regions, warning that maximum daytime temperatures in several districts may exceed 47 degrees Celsius.
This demand surge has boosted not only Coal India but also other energy and power stocks.
Among the 23 analysts covering Coal India, the majority are bullish. Brokerages such as Emkay Global, ICICI, Axis Direct, and Anand Rathi have all maintained a ‘buy’ rating on the stock, reflecting confidence in its continued growth potential.
Published By:
Koustav Das
Published On:
May 22, 2024
English (US) ·