Shares of Coal India were on the rise on Thursday after the company's June quarter results beat the market expectations. 

What Happened: Coal India saw its net profit rise 4.24% year on year to ₹10,943.55 crore. Its revenue was up 1.33% from the previous year to ₹36,464.61 crore. The numbers beat the market estimates of ₹7,347 crore in net profit and ₹35,879 crore in revenue. Its EBITDA increased to ₹14,338.53 crore from ₹13,575.07 crore in the previous year. 

Brokerage Views: CLSA maintained "outperform" call and hiked target price to ₹580. The June quarter was operationally strong and lower costs drove the expectations beating results. Volume growth for the company is likely to remain resilient in the near term. The company with a 5% dividend yield is an attractive risk-reward scenario, the brokerage added.

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JP Morgan maintained "neutral" call with a target price of ₹480. The first quarter EBITDA beat was driven by lower employee and material costs. The brokerage doesn't see any negatives from the results.

Clarity around the sustainability of the employee and material costs and stripping activity will be important, the brokerage said. The research firm also expects positive revisions after the Q1 beat. 

Motilal Oswal maintained "buy" call with a target price of ₹600. The brokerage said the stock remains its top pick in the metal and mining sector. It raised net profit estimates by 11% and 3% for FY25 and FY26.

The brokerage's outlook for Coal India remains positive with "a robust volume outlook, healthy e-auction premiums, and lower costs", it added. 

Price Action: Shares of Coal India surged 3.38% to all time high of ₹539.90 on Thursday morning.

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