Coal India surges; eyeing to supply 156 MTs of coal to power sector in Q1FY24!
Shares of Coal India Limited jumped more than 25% in last one year.
Coal India (CIL) is eyeing to supply 156 million tonnes (MTs) of coal to power sector during April-June 2023 quarter amid concerns over spike in coal demand. This would be 25.6% of the enhanced annual dispatch target of 610 MTs slated for this sector in 2023-24. Factors in favour of the company are a strong 68 MTs coal stock build up expected at its pitheads by 2022-23 end, which as of March 13, 2023 was 57.3 MTs.
Also, the company would be scaling up its production into a higher orbit maintaining the pace on the back of an unprecedented 700 MTs output, which it is on course to achieve by FY23 end. The state-owned coal mining behemoth is confident of meeting the enhanced 610 MTs coal supply target to power sector in 2023-24.
Share price movement of Coal India Limited
Today, the stock opened at Rs 222.20, with a high and low of Rs 222.65 and Rs 219.00. The stock is closed trading at Rs 221.00, up by 0.14%.
The stock has a 52-week high of Rs 263.30 and a 52-week low of Rs 164.75. The company has a ROCE of 54.3% with a market capitalization of Rs 1,36,258 crore.
Coal India Limited (CIL) the state-owned coal mining corporate came into being in November 1975. With a modest production of 79 million tonnes (MTs) at the year of its inception, CIL today is the single largest coal producer in the world. CIL is a Maharatna company, a privileged status conferred by Government of India to select state owned enterprises in order to empower them to expand their operations and emerge as global giants.
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