(Bloomberg) -- Coal India Ltd.'s production and shipments in November rose to the most for the month in at least five years, as power plants procured more coal to boost inventories.
- Shipments jumped 5.2 percent from a year ago to 50.67 million metric tons, according to Bloomberg calculations based on a stock exchange filing Friday
- Output jumped 2.6 percent to 51.3 million tons
- Output for first eight months of the year ending March 31 rose 1.8 percent, while shipments rose 8.1 percent, according to the filing.
The Kolkata-based miner's output has increased year-on-year for the past four months following a reduction in its own stockpiles and a surge in demand from power plants, its biggest customers. Coal India's stockpiles had more than halved since the start of this fiscal year to 31.3 million tons as of Sept. 30, compared with 68.4 million tons on March 31.
“Power plant inventories have started inching up, but there's still some distance to go,” said Rupesh Sankhe, an analyst at Reliance Securities Ltd. in Mumbai. “That gives an assurance that demand for Coal India is likely to remain strong in the coming months.”
To contact the reporter on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net.
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Alpana Sarma, Abhay Singh
©2017 Bloomberg L.P.
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