Nomura maintains neutral on Coal India
At 36.6mt, Coal
India's (CIL's) July 2017 production was flat y-y; this follows a 5% y-y
decline seen in production during Apr-Jun 2017 (1QFY18). At 44.3mt,
offtake in July 2017 was up 7% y-y (vs. 3% y-y growth in 1QFY18).
Relative to CIL's targets, July production/offtake miss was 2.7%/1.4%
(lowest in FY18).