NEW DELHI – Shares of gained 3.4 per cent in early trade Monday as the state-owned coal player reported a 3.3 per cent rise in coal production to 60.2 million tonnes (MT) in December. Coal India Ltd (CIL) had produced 58.3 MT of coal in the corresponding month of the previous fiscal.
The company’s counter touched a high of Rs 150.95 against Rs 146.05 at the previous close on the National Stock Exchange.
Coal India’s output increased 5.3 per cent to 413.6 MT during the April-December period from 392.8 MT in the corresponding period of the previous fiscal, the company said in an exchange filing Saturday. Coal India accounts for over 80% of coal output in the country.
Coal off-take increased in December 2021 by 15.7 per cent to 60.7 MT compared to 15.5 MT in December last year, the company said in the release.
From April to December this year, the off-take showed growth of 17.6 per cent to 481.8 MT from 409.8 MT during the same period last year.
Analysts expect India’s coal production to record a sizeable increase in 2022 with increased output from Coal India and captive mines, which may act as a buffer against any shortages of dry fuel as were witnessed in the previous year.
According to recent reports quoting Coal Secretary Anil Kumar Jain, the increase in output would be on account of more production by Coal India Limited through captive coal blocks auctioned from 2015-20 and commercial mines put on sale last year.
In the last financial year, CIL dug out about 596 MT of coal, Jain said, adding that in the current financial year, the figure could rise to 640 MT.
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