Vijay told CNBC-TV18, "Coal India for us is a hold not because the product is bad or its intrinsically is very good but I am getting a sense that the government is interfering too much into the pricing of coal."
He further added, "Coal India had put together a very neat e-auction and they were even extending it to supplies to NTPC . Then the government realized that steel industry has to be helped so they got in and now have started interfering in the pricing which they said they wouldn't do when the public issue was done. Again the rupee strengthening coal imports from Indonesia and Australia where the calorific value is much, much better. Indian coal is very high in ash content would tempt at least some of the coastal players to move to imports. Coal India sort of tops out at about Rs 345-350 and I don't give it much credence on that. In fact going forward after a correction, the metal companies which use the coal maybe better bets."
