Coal India trades higher as its arm commissions highwall mining project in West Bengal
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Coal India is currently trading at Rs. 226.75, up by 3.20 points or 1.43% from its previous closing of Rs. 223.55 on the BSE.
The scrip opened at Rs. 223.55 and has touched a high and low of Rs. 227.05 and Rs. 223.55 respectively. So far 147898 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. 227.05 and Rs. 220.05 respectively. The current market cap of the company is Rs. 139801.49 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’s subsidiary -- Eastern Coalfields (ECL) has commissioned its first highwall mining project at Nimcha Colliery in West Bengal. The project is expected to increase ECL's production by 0.5 million tonnes per year. Highwall mining is a method to extract additional coal after the economic strip limit has been reached in surface mining. This technology provides an economical way to extract coal reserves locked up in the highwall.
It aims to produce 51 million tonnes of coal in the 2023-24 fiscal, a sharp increase from 35 million tonnes in the previous financial year. To support this increased production, ECL has allocated a capital expenditure of Rs 1,250 crore for the current fiscal as against Rs 1,104 crore in 2022-23.
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.
