Shares in Coal India surged in trade following an upgrade by noted foreign brokerage Morgan Stanley. The firm has upgraded the target price on the stock to Rs 449. The stock of the company was last trading at Rs 408, up 5% on the Bombay Stock Exchange.

Coal India is the single largest coal producer in the world and is majority owned by the government of India. It controls more than 80 per cent of the coal production in the country and is a dominant player in the business.

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