Coal India gains on inking MoUs with 3 PSUs for setting up coal gasificiation projects
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Coal India is currently trading at Rs. 233.20, up by 1.05 points or 0.45% from its previous closing of Rs. 232.15 on the BSE.
The scrip opened at Rs. 231.60 and has touched a high and low of Rs. 235.50 and Rs. 231.45 respectively. So far 261250 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 241.85 on 08-Sep-2022 and a 52 week low of Rs. 139.20 on 20-Dec-2021.
Last one week high and low of the scrip stood at Rs. 235.50 and Rs. 224.30 respectively. The current market cap of the company is Rs. 143283.43 crore.
The promoters holding in the company stood at 66.13%, while Institutions and Non-Institutions held 29.12% and 4.75% respectively.
Coal India (CIL) has signed three separate Memorandums of Understanding (MoU), one each, with three major PSUs of the country Bharat Heavy Electricals (BHEL), Indian Oil Corporation (IOCL) and GAIL (India), for setting up four large scale coal-to-chemical projects through surface coal gasification (SCG) route.
While CIL, the country’s largest energy producer, has identified SCG as one of its business diversification avenues, IOCL and GAIL bring to the table their decades of experience in taking up large-scale chemical and process plants.
BHEL has conducted pilot studies with their Pressurized Fluidized Bed Combustion technology and customized it to suit the requirements of high-ash Indian coal. The initiative of CIL and BHEL will lead to commercialization of home-grown coal gasification technology. The synergy and partnership of all the four corporate giants will enable a perfect launch of complex SCG projects.
Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
