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Coal India rises on planning to set up two thermal plants

Aug-04-2023   15:28 Hrs IST

Coal India is currently trading at Rs. 233.60, up by 3.40 points or 1.48% from its previous closing of Rs. 230.20 on the BSE.

The scrip opened at Rs. 232.05 and has touched a high and low of Rs. 236.40 and Rs. 230.55 respectively. So far 407480 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 263.30 on 09-Nov-2022 and a 52 week low of Rs. 205.50 on 04-Aug-2022.

Last one week high and low of the scrip stood at Rs. 258.40 and Rs. 226.90 respectively. The current market cap of the company is Rs. 144084.59 crore.

The promoters holding in the company stood at 63.13%, while Institutions and Non-Institutions held 31.70% and 5.17% respectively.

Coal India (CIL) is planning to set up two thermal plants with an investment totaling Rs 21,547 crore in Odisha and Madhya Pradesh. While one project is planned near Amarkantak in Madhya Pradesh, the other is at Sundergarh district, in Odisha.

One is being set up as a joint venture with the Madhya Pradesh government near Amarkantak. It will be a 1 x 660 MW plant at an estimated cost of Rs 5,600 crore. The work on the project is likely to start by the end of this financial year and is likely to be completed by 2028. 

The company is planning to set up a 2x800 MW pithead thermal power plant near its Basundhara mines, in Sundergarh district, Odisha. The estimated project cost is Rs 15,947 crore. Work on the project is likely to start by the middle of the next year and likely to be completed by 2028.

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.