Very interesting podcast on the future of Coal(with references to Coal India):
Got to learn a lot of things. The irony of India now allowing coal exports despite being import dependent, transport/pricing challenges, lack of an independent regulator and no attention given to conflict of interest of private contract mine operators of Coal India now becoming Coal miners themselves and possibility of a Coal exchange like we have for electricity(and now gas).
Though performance of Coal India is not so good, FII and Parag Parikh MF have been raising the stake continuously for past 3 quarters. This may have partial influence on the upward trend in the stock price.
Also, generally before Record date for the dividend, price goes up.
There could be more reasons which we do not know but Market is probably aware of.