Mining Sector

The company recorded an 11% year-on-year decrease in iron ore production in July, with output decreasing to 2.17 million tonnes.

Coal India mostly produces non-coking coal for power generation and industrial use, with some coking coal for steelmaking and washed coal.

The global demand for nickel in batteries is expected to increase to 500,000 tonnes by 2025, up from 150,000 tonnes in 2020.

Production of saleable iron ore increased to 1.3 million tonnes, up from 1.2 million tonnes the previous year.

The mini-ratna business said that the basic price of electrolytic manganese dioxide (EMD) has been maintained at ₹210,000 PMT in July.

In February, Coal India formed a joint venture with Bharat Heavy Electricals Ltd (BHEL) to develop a coal-to-chemicals company.

In August 2022, the London-based mining conglomerate paid ₹565 Crore for Athena Chhattisgarh Power Ltd to cover its captive power demand.

Previously, CreditSights stated that the planned demerger of its other businesses might attract significant opposition from minority shareholders.

CIL had submitted that all outstanding unpaid dividends of ₹666.53 Crore to CUHL's account had been paid to the Income Tax Department on June 19, 2017.

Recommendation: Buy; Target price: ₹496