Gaurang Shah of Geojit Financial Services told CNBC-TV18, "We do have a hold recommendation on Coal India. The long-term time horizon in terms of months, our sense is that if you are associated with mining or dredging or exploration of oil and gas then your time horizon has to be at least a year and a half – two plus that is how the effective investment will give you great returns as these are long gestation projects and execution may have a little bit of problem.""Overall with one and a half –two years plus kind of time horizon you can definitely hold on to it. Our belief is that the production will scale up, the washeries are going to get added and the quality of coal is going to improve. So, with that view I think you should have decent quarter-on-quarter numbers, so hold on to it in case if your time horizon is about year and a half- two," he added.