Coal India trades in green after production target was cut to 650-660MT in FY21

Earlier, the company had set a production target of 710MT for FY21.

Aug 10, 2020 12:08 IST India Infoline News Service

Coal India
State-run Coal India (CIL) traded broadly stable on Monday after the miner revised its production target to  650-660 million tonners (MT) for the current financial year FY21. Earlier, the company had set a production target of 710 MT for FY21.

At around 12.07 PM, the CIL stock was trading at Rs130.65 per piece up 0.73% on Sensex. The stock has clocked an intraday high of Rs131.15 per piece on the index.

According to a PTI report, Coal India Chairman Pramod Agrawal said at a webinar organised by the Bharat Chamber of Commerce, “COVID-19 pandemic has affected demand for coal." Adding he said, “However, demand has started to pick up now as the industries have commenced operations."

Thereby, Agarwal reportedly said, "Given the situation, we are hopeful to end the year with 650-660MT of production."

Between April - July 2020, CIL's production and offtake were at 158.37 Mill Te and 164.02 Mill Te decreasing by 9.7% yoy and 18% yoy respectively.

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