Coal India rises on reporting 17.2% growth in coking coal production in 2022-23
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Coal India is currently trading at Rs. 226.80, up by 1.25 points or 0.55% from its previous closing of Rs. 225.55 on the BSE.
The scrip opened at Rs. 225.55 and has touched a high and low of Rs. 227.70 and Rs. 225.40 respectively. So far 137411 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. 164.75 on 12-May-2022.
Last one week high and low of the scrip stood at Rs. 229.60 and Rs. 220.10 respectively. The current market cap of the company is Rs. 140048.00 crore.
The promoters holding in the company stood at 66.13%, while Institutions and Non-Institutions held 28.97% and 4.89% respectively.
Coal India’s (CIL) coking coal production has risen to 54.6 million tonnes (MTs) in 2022-23 with a sharp 17.2% y-o-y growth compared to 46.6 MTs of FY22. The quantum leap in the year was a whopping 8 MTs. Achievement against the target was 107.3%.This assumes significance at a time when the Ministry of Coal has asked CIL to elevate the output of this category of coal to 105 MTs by 2030 in a bid to reduce its imports and forex outgo.
BCCL and CCL, the two Jharkhand based CIL’s subsidiaries, are major producers of coking coal and together accounted for almost the entire output of 54.3 MTs in 2022- 23. BCCL alone produced nearly 62% or 33.7 MTs during the year posting 16% growth over 29 MTs of FY22. Whereas, CCL clocked around 20% growth at 20.6 MTs.
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.
