Coal India Ltd. reported a provisional 3.9% decline in coal production to 48.97 million tonne in September. The state-owned producer's offtake fell 1.1%, according to a business update on Wednesday. Coal production was 50.94 million tonne in the corresponding month of the previous fiscal, the public-sector undertaking said in an exchange filing.
Coal India's production in the April-September period also fell 3.6% to 329.14 million tonne, down from 341.35 million tonne in the previous year, the company stated. Coal offtake during the period has also decreased to 356.16 MT, down from 363.66 MT in the previous year.
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Coal India earlier this month received official license to explore Ontillu – Chandragiri rare earth exploration area. The Maharatna company has emerged as the preferred bidder for the exploration area in a bid by the Ministry of Mines.
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Ontillu–Chandragiri rare earth element exploration block is spread across 209.62 square kilometres. Coal India has to execute licensed exploration project within one year of receiving the letter of intent from the governement.
Additionally, Crisil Ratings and Analytics Ltd. has assigned CRISIL Environmental, Social, and Governance (ESG) 53 rating to the company.
Coal India Share Price Today
The business update was shared after market hours. The large-cap stock settled 0.37% lower at Rs 388.50 apiece on the NSE, compared to a 0.92% advance in the benchmark Nifty 50. The shares earlier during the day fell as much as 0.53% to Rs 387.90 per share. Coal India commands a market cap of Rs 2,42,688.24 crore.
Coal India shares have fallen 23.60% in the last 12 months and risen 1.13% year-to-date. Out of 25 analysts tracking the company, 16 maintains a 'buy' rating, five recommend a 'hold' and four suggests 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 408.20 implies a upside of 5.1%.
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