Daiwa Capital Markets puts a buy on Coal India

Daiwa Capital Markets reiterated its ‘Buy’ call on Coal India at a target price of Rs 400. The state-run coal miner is positive about achieving production and offtake targets for the year ending March 31, 2012, Daiwa analyst Saurabh Mehta said in a note to clients.

“In the current weak macroeconomic environment, the company enjoys high earnings visibility, with nearly 80% of sales at notified prices, and has a strong balance sheet with a net-cash position,” Mehta said.