JP Morgan upgrades Coal India to 'neutral'

Mon Mar 25, 2013 10:15am IST

Locals carry coal from an open cast coal field at Dhanbad district in Jharkhand September 20, 2012. REUTERS/Ahmad Masood/Files

Locals carry coal from an open cast coal field at Dhanbad district in Jharkhand September 20, 2012.

Credit: Reuters/Ahmad Masood/Files

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Reuters Market Eye - J.P.Morgan upgrades Coal India Ltd (COAL.NS) to "neutral" from "underweight", saying the drop in the share price this year is making the risk reward "relatively more attractive."

The investment bank expects Coal India to pay out a dividend at 45 percent and sees a likely increase in power coal sale prices.

The government's planned stake sale would be an opportunity to add the stock, J.P. Morgan adds.

Coal India shares gain 0.7 percent, after falling 16.4 percent this year, underperforming a 3.6 percent fall in the Nifty this year.

(Reporting by Manoj Dharra)

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