CIL April-July sales up 5.5%, to join Sensex on Aug 8

Boosted by higher liquidation of pithead coal stock, the April-July period of current fiscal, coal sales by largest miner Coal India (CIL) rose almost 5.5% to 142 million tonne compared to the corresponding period last year.

CIL in a statement said the company produced 127.49 million tonne of coal during the period but sold 142 million tonne after it liquidated a record 14.50 million tonne coal from its built up stocks at pitheads.

This translate into stock liquidation of 7.39 million more than same period previous fiscal.

CIL began the financial year with pithead coal stock of 69.17 million tonne which is now reduced to 54.66 million tonne as on July 31, 2011.

CIL said in July alone CIL was able to reduce its stock through off-take to the tune of 4.62 million tonne.

"Against a coal production of 31.18 million tonne in July CIL's off-take was 35.80 million tonne. CIL had also declared the fiscal 2011-12 the 'Year of Off-take' in an effort to increase its coal supplies and reduce the pithead stocks," the statement said.

Meanwhile, CIL will be included in BSE 30 sensitive index, Sensex from August 8. The company was listed on stock exchanges on November 10, 2010.