17 April, 2014 09:41 IST
News
Prabhudas Lilladher downgrades Coal India to `Accumulate`
Source: IRIS Exclusive (12-NOV-12)
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Prabhudas Lilladher has downgraded Coal India (Q,N,C,F)* to `Accumulate` from `Buy` with a price target of Rs 375 (earlier Rs 390) as against the current market price (CMP) of Rs 347 in its report dated Nov. 10, 2012.
 
``We downgrade the stock on the backdrop of concerns associated with approval of proposed MMDR bill in the upcoming session of parliament, continued weakness in E-auction realizations and strong likelihood of disappointment on volume and cost guidance,`` the broking firm said.

``CIL reported Q2FY13 earnings in-line-with our expectation. However, we were deeply disappointed with the sharp fall in E-auction realizations. The impact of the same was contained by one-time write-back of prior year provisions,`` it added.

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* Q - Quote , N - News , C - Chart , F - Financials
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