Coal India rises on executing MoU with RRVUNL
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Coal India is currently trading at Rs. 461.50, up by 2.95 points or 0.64% from its previous closing of Rs. 458.55 on the BSE.
The scrip opened at Rs. 460.40 and has touched a high and low of Rs. 462.60 and Rs. 458.15 respectively. So far 15264 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 487.75 on 16-Feb-2024 and a 52 week low of Rs. 207.70 on 27-Mar-2023.
Last one week high and low of the scrip stood at Rs. 465.25 and Rs. 444.75 respectively. The current market cap of the company is Rs. 282591.91 crore.
The promoters holding in the company stood at 63.13%, while Institutions and Non-Institutions held 31.74% and 5.11% respectively.
Coal India has executed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL), a State Government Undertaking under the Energy Department, Government of Rajasthan, on March 10, 2024, at Jaipur, Rajasthan for exploring various opportunities for securing power to meet the growing energy demand of the state of Rajasthan.
Under this MoU, initially the focus shall be to explore the possibilities of setting up of 4100 MW projects through a JV Company to be constituted between RRVUNL and CIL, across the 5 identified Projects viz. Pit-head Thermal Power Project, Solar Projects at Solar Parks, Pumped Storage Projects, Solar Projects at Existing TPPs and Wind Projects.
Further, any additional opportunities, which the Parties mutually agree to collaborate, would also be covered under the purview of the MoU. As an initial step, CIL shall be undertaking Pre-Feasibility Studies of the above project to establish viability of the projects.
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.
