Coal India gains 2% on good August numbers

The scrip was trading 2.41 per cent higher at Rs 244.10 around 10.15 am (IST). NSEBSECoal IndiaLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESCoal India LtdLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Shares of Coal India advanced over 2 per cent in early trade on Monday after the company on Friday said its production and that of its subsidiary companies stood at 102 per cent of targeted production at 37.63 million tonnes in August 2017 on a provisional basis. Offtake was 102 per cent of the target at 43.75 million tonnes.

      The scrip was trading 2.41 per cent higher at Rs 244.10 around 10.15 am (IST). It opened at Rs 239 and touched a high and low of Rs 244.20 and Rs 239, respectively, in the first hour of trade. Benchmark BSE Sensex was down 58.68 points, or 0.18 per cent, at 31,833.

      Meanwhile, the company also said India was not facing any scarcity of coal and Coal India’s output was more than enough to meet power sector demand.

      Chairman and Managing Director Gopal Singh said the miner registered a high growth rate of 28 per cent in output for FY17 over that in the last financial year, while the average rise in power demand stood at 10.3 per cent. Coal India is fully capable of fulfilling the coal demand in India, he said, adding that the company had plans to open new mines in the future.

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