Coal India may test Rs 300: Prakash Diwan

Prakash Diwan of Altamount Capital Management told CNBC-TV18, "I think we are in the midst of a flow of some positive news in Coal India after a long gap. However, it remains an over regulated stock and a counter that is always subject to government intervention. I don't think one look beyond Rs 300 because fundamentally it would mean a lot of structural changes for the stock to deliver those kind of returns which one could possibly get. One could book on a nominal profit and exit the stock at around Rs 300."

The share touched its 52-week high Rs 386.00 and 52-week low Rs 238.35 on 17 September, 2012 and 30 August, 2013, respectively. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company was 8.17. The dividend yield of the company was 3.77 percent.