Coal India rises on introduction of evacuation facility charges

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Coal India rose 0.78% to Rs 269.70 at 11:03 IST on BSE after the company said that its board has introduced evacuation facility charges for dispatch of coal.

The announcement was made after market hours yesterday, 19 December 2017.

Meanwhile, the S&P BSE Sensex was down 6.96 points, or 0.02% to 33,829.78.

On the BSE, 1.06 lakh shares were traded in the counter so far, compared with average daily volumes of 1.85 lakh shares in the past two weeks. The stock had hit a high of Rs 272.45 and a low of Rs 268.50 so far during the day. The stock hit a 52-week high of Rs 332.10 on 27 February 2017. The stock hit a record low of Rs 234 on 11 August 2017.

Coal India said that its board has introduced evacuation facility charges at Rs 50 per tonne for dispatch of coal on all dispatches, except dispatch through rapid loading arrangement. It will come into force with immediate effect. As a result, the company would be generating around an additional revenue of Rs 2500 crore for the full year and around Rs 800 crore for the balance period of FY 2018.

On a consolidated basis, Coal India's net profit fell 39.7% to Rs 368.88 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.

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