Coal India surges on eyeing to supply 156 MTs of coal to power sector in Q1FY24
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Coal India is currently trading at Rs. 221.00, up by 0.30 points or 0.14% from its previous closing of Rs. 220.70 on the BSE.
The scrip opened at Rs. 222.20 and has touched a high and low of Rs. 222.65 and Rs. 219.00 respectively. So far 432600 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. 227.00 and Rs. 219.00 respectively. The current market cap of the company is Rs. 136196.30 crore.
The promoters holding in the company stood at 66.13%, while Institutions and Non-Institutions held 29.13% and 4.74% respectively.
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. The target is 20 MTs more than the initially projected 590 MTs requirement by power sector. Of the total 821 MT domestic coal demand projected for the power sector in 2023-24, the company's target alone accounts for nearly three-quarters at 610 MTs. By the end of the ongoing fiscal year it is estimated that there would be at least 115 MTs of domestic coal available to the power plants, with 68 MTs at CIL’s pitheads and 32 MTs at plants’ end. Coal lying at private washeries, goods sheds, ports and captive mines account for around 12 MTs. Rakes on run, that is coal in transit, normally make up 3 MTs of coal. Compared to last year’s 92.7 MTs, from the same sources, coal availability in the system would be 22.3 MTs more.
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.
