Coal India at lowest level since listing

Coal India has dipped nearly 6% to Rs 277, its lowest level since listing in November 2010 on BSE, on concerns that the company may miss its production and offtake target for third month in a row.

Coal India and its subsidiary companies produced 32.57 million tons (MT) of coal in June, missed the month’s target of 35 MT. The company's offtake in June was 37 MT against the target of 39.8 MT, the company said in a BSE filing on July 2.

In May, the company has produced 34.5 MT of coal against its target of 36.5 MT, while its offtake stood at 38.2 MT against the target of 40.9 MT. The miner recorded a meagre production growth of 0.4% during the April-June quarter, recording a cumulative output of 102.87 MT.

The Coal Ministry had set a production target of 482 MT and offtake of 492 MT for Coal India for 2013-14.

Meanwhile, the Coal Ministry has postponed a meeting in early next month to review the performance of Coal India, which has missed production targets.