Coal India drops as monthly production and offtake falls short of target

Coal India fell 1.79% to Rs 332 at 12:30 IST on BSE after the company reported lower than targeted coal production and offtake in August 2016.

The company announced the monthly coal production and offtake performance after market hours yesterday, 1 September 2016.

Meanwhile, the S&P BSE Sensex was up 52.31 points or 0.18% at 28,475.79

On BSE, so far 2.92 lakh shares were traded in the counter as against average daily volume of 4.02 lakh shares in the past one quarter. The stock hit a high of Rs 341 and a low of Rs 331.60 so far during the day. The stock had hit a 52-week low of Rs 272.05 on 12 April 2016. The stock had hit a 52-week high of Rs 359.30 on 2 September 2015. The stock had outperformed the market over the past 30 days till 1 September 2016, rising 3.63% compared with 2.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.42% as against Sensex's 5.89% rise.

The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

Coal India and its subsidiaries on a provisional basis achieved 79% of targeted coal production at 32.43 million tonnes in August 2016. Coal offtake stood at 36.72 million tonnes in August 2016 which was 83% of targeted offtake for the month.

Coal India will declare its Q1 result on 9 September 2016. The company's consolidated net profit rose 0.22% to Rs 4247.92 crore on 0.71% decline in total income to Rs 22904.36 crore in Q4 March 2016 over Q4 March 2015.

State-run Coal India is India's biggest coal miner. The Government of India currently holds 79.65% stake in Coal India (as per the shareholding pattern as on 30 June 2016).

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