Coal India drops after achieving lower than targeted offtake in Jan

Coal India dropped 3.03% to Rs 286.90 at 10:44 IST on BSE after the company reported lower than targeted production and offtake for January 2018.

The announcement was made after market hours yesterday, 1 February 2018.

Meanwhile, the S&P BSE Sensex was down 481.82 points, or 1.34% to 35,424.84.

On the BSE, 40,010 shares were traded in the counter so far, compared with average daily volumes of 2.96 lakh shares in the past one quarter. The stock had hit a high of Rs 294.30 and a low of Rs 286.85 so far during the day. The stock had hit a 52-week high of Rs 332.10 on 27 February 2017. The stock had hit a record low of Rs 234 on 11 August 2017.

The large-cap company has equity capital of Rs 6207.41 crore. Face value per share is Rs 10.

Coal India announced the provisional production and offtake of the company and its subsidiaries for the month of January 2018. The company achieved 90% of the targeted coal production at 56.69 million tonnes in January 2018. Actual offtake was 94% of the targeted offtake at 53.70 million tonnes in January 2018.

The company will announce its Q3 results on 10 February 2018. On a consolidated basis, Coal India's net profit fell 39.8% to Rs 368.86 crore on 11.9% growth in net sales to Rs 17478.52 crore in Q2 September 2017 over Q2 September 2016.

Coal India is an organized state owned coal mining corporate and is the single largest coal producer in the world.

The government of India holds 78.55% stake in the company as on 31 December 2017.

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