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BUZZ-Coal India hits over 5-wk low on weak Q2 results
November 13, 2017 / 5:48 AM / a month ago

BUZZ-Coal India hits over 5-wk low on weak Q2 results

** Shares of Coal India Ltd fall as much as 3.5 pct to 274.40 rupees, lowest since Oct 6

** Stock posts its biggest intraday pct drop since Aug 3

** Sept-qtr profit fell nearly 40 pct to 3.69 bln rupees ($56.48 million), co said on Saturday bit.ly/2huLYcm

** Co’s Q2 results disappoint; expect restocking to support strong offtake growth, but recent wage hike would continue to weigh on margins - Jefferies

** Adds coal miner’s earnings outlook remains unexciting, trims FY18-19 EPS by 2.1 pct - 2.2 pct

** Up to Friday’s close, stock had declined 5.2 pct this year

** Jefferies retains “hold” rating but raises TP to 253 rupees from 249 rupees ($1 = 65.3350 Indian rupees)

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