Coal India has good support around Rs 330: SP Tulsian

Coal India has good support around Rs 330, says SP Tulsian of sptulsian.com.

Tulsian told CNBC-TV18, “I don’t think that Coal India will really be taking of structuring the whole pooling mechanism in such a way which will be seen in anyway negative for then either on the earning negative or may revenue negative. Overall, I don’t think that, that will really be too negative. However market is quite apprehensive, market is feeling that probably to make this power generation companies survive, Coal India may take some negative steps towards that which I don’t agree.”
He further added, “If one sees the ramping up in the production of the Coal India which has not really happened significantly in FY13, they have been languishing closer to about 450 million tonne of production will also get ramped up in FY14. So, I don’t see any reason for the stock to correct. If it falls below Rs 330, probably that will be seen as a good support and the buying may come in, but right now market is little worried and seeing this as a negative for Coal India.”