Coal India trades higher on signing Joint Venture agreement with RRVUNL
Coal India is currently trading at Rs. 503.65, up by 2.90 points or 0.58% from its previous closing of Rs. 500.75 on the BSE.
The scrip opened at Rs. 506.85 and has touched a high and low of Rs. 506.85 and Rs. 501.55 respectively. So far 191294 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 544.70 on 26-Aug-2024 and a 52 week low of Rs. 281.20 on 25-Sep-2023.
Last one week high and low of the scrip stood at Rs. 506.85 and Rs. 476.40 respectively. The current market cap of the company is Rs. 309368.96 crore.
The promoters holding in the company stood at 63.13%, while Institutions and Non-Institutions held 31.66% and 5.21% respectively.
Coal India has signed a Joint Venture agreement (JVA) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for Renewable Energy Business in Rajasthan. The Joint Venture Company (JVC) shall be incorporated as a ‘Private Limited’ Company. Initial paid-up share capital of JVC shall be Rs 10,00,000.
Coal India will have a 74% shareholding in the joint venture while RRVUNL will have the remaining 26%. The company and RRVUNL each shall have the right to nominate Four and Two executives as Directors of JVC respectively.
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.
