Coal India, the world’s largest producer of the fossil fuel, bucked a weak market and rose for the second day after global investment bank Goldman Sachs initiated coverage with a `Buy’ rating and put a potential upside of more than 20 percent on its price. Kolkata-based Coal India rose to 294.50 rupees before closing at 291.60, up 0.3 percent as it recovered from a 7-month low post its dismal quarterly numbers.
3Goldman has asked clients to buy into the stocks for various reasons. The investment bank feels Coal India’s periodical price increases, rising production and a stable dividend outlook help the company stand out in market that is facing the heat of demonetization. Read More…
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