Valuations seems attractive no doubt but i feel below 3 reasons is what is worrying investors in CIL 1. captive coal mines by coal india’s erstwhile customers seems a big concern, also. 2. Last year since Supreme court allowed that States can also have seperate Royalty charges, market maybe wary of royalty/cess increases. Plus 3. the good growth shown by renewal energy shows future growth on coal may be less than in the paat.
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