Coal India zooms ~3% as significant arm NCL set to target 119 MT production

3 Mar 2022 , 12:42 PM

Coal India Ltd. added as much as 7% in today’s trade touching an intraday high of Rs198 so far. This happened after the mining giant stated that the company through its subsidiary Northern Coalfields Ltd is set to cross production target of 119 million tonnes for the current fiscal.

The company also hinted towards capital expenditure of Rs1,640 crore during the current year. Of which, company has already spent Rs1,498 crore and the capex is being deployed towards mine infra, land and equipment acquisition, etc.

Earlier this week, the state-run miner has announced a production of 5.67 lakh tonne of dry fuel, the highest single-day count since its inception, and the total output of 110.50 tonnes so far, reflecting a growth of 6% yoy.

The company’s three projects namely, Jhingurda, Jayant, and Kakri have achieved their annual coal production for the financial year 2021-22.

At around 12.40 PM, Coal India was trading at Rs191.40, up by Rs6.55 or 3.54% against previous closing price of Rs184.85. It moved in the band of Rs198-186.85 so far in today’s trade.