Receivables fell 10% in August'20 v/s June'20 to Rs210bn Coal India (COAL) reported Q1FY21 EBITDA in line with our expectation. In spite of attractive valuations (EV/EBITDA at 2.5x FY22e), stock would continue to remain under pressure due to frequent stake sale by Govt and pressure on profitability in E-auction (contributes>50% of EBITDA) in light of weak global prices and sluggish demand. Release of additional supplies due...