State-run Coal India Ltd. has revised its production target to 650-660 MT for the current fiscal in the wake of the disruptions caused by the Covid-19 pandemic, a top company official said on Saturday. The miner had earlier set a production target of 710 MT for FY21.
Covid-19 pandemic has affected the demand for coal. However, demand has started to pick up now as the industries have commenced operations.
“Given the situation, we are hopeful to end the year with 650-660 MT of production,” Coal India, Chairman, Pramod Agrawal said at a webinar organised by Bharat Chamber of Commerce. The miner is witnessing a 7-8% growth in demand in August, he said.
The Maharatna PSU had produced 602 MT of coal last year as against a target of 630 MT.
Shares of Coal India have underperformed the benchmark Nifty 50 index this year. The stock has declined 38% year-to-date as compared to the Nifty 50's decline of 7.8%.
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