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Domestic brokerage house ICICI Direct has chosen Coal India as a 'High Conviction pick'. The recommendation is driven by its high market share in India’s energy basket, strong financials, healthy volume growth and ambitious production targets.
"Coal India is trading at a reasonable 6.4x FY25E PE. Its PE contracted from an average 13x over 2011-18 to 6.5x over 2019-23, partly due to ESG concerns on coal, which might get alleviated amid rising power demand in India," said Jefferies.