Coal India gains on incorporating subsidiary firm for coal to chemicals business
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Coal India is currently trading at Rs. 489.15, up by 1.65 points or 0.34% from its previous closing of Rs. 487.50 on the BSE.
The scrip opened at Rs. 484.95 and has touched a high and low of Rs. 490.75 and Rs. 482.80 respectively. So far 27718 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 507.30 on 22-May-2024 and a 52 week low of Rs. 223.30 on 26-Jun-2023.
Last one week high and low of the scrip stood at Rs. 505.25 and Rs. 482.80 respectively. The current market cap of the company is Rs. 300433.01 crore.
The promoters holding in the company stood at 63.13%, while Institutions and Non-Institutions held 31.71% and 5.16% respectively.
Coal India (CIL) has incorporated a subsidiary firm, Bharat Coal Gasification and Chemicals (BCGCL). BCGCL has been incorporated for coal to chemicals business to produce ammonia and nitric acid as intermediate products and ammonium nitrate as end product. CIL holds a majority 51 per cent stake in the new entity while the remaining 49 per cent is owned by Bharat Heavy Electricals (BHEL).
In February 2024, CIL had signed a joint venture agreement with BHEL for undertaking a coal-to-chemicals business. Clearance of NITI Aayog and the Department of Investment and Public Asset Management (DIPAM) has been received for the formation of the joint venture company between BHEL and CIL.
Coal India (CIL) is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
