Coal India skids as April production and sales fall short of target

Coal India declined 1.02% to Rs 285.75 at 11:55 IST on BSE after the company's production and sales on provisional basis fell short of target in April 2016.

The announcement was made after market hours yesterday, 2 May 2016.

Meanwhile, the BSE Sensex was up 119.33 points, or 0.47%, to 25,556.30.

On BSE, so far 74,110 shares were traded in the counter, compared with an average volume of 4.48 lakh shares in the past one quarter. The stock hit a high of Rs 289 and a low of Rs 284.50 so far during the day. The stock hit a record high of Rs 447.25 on 5 August 2015. The stock hit a 52-week low of Rs 272.05 on 12 April 2016. The stock had underperformed the market over the past one month till 2 May 2016, rising 0.31% compared with 0.66% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 9.5% as against Sensex's 3.66% gains.

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

Coal India and its subsidiaries on provisional basis achieved 90% of targeted production at 40.09 million tonnes in April 2016. Coal India and its subsidiaries on provisional basis achieved 83% of targeted offtake at 42.45 million tonnes in April 2016.

On consolidated basis, Coal India's net profit rose 14% to Rs 3718.25 crore on 6.8% growth in net sales to Rs 18971.48 crore in Q3 December 2015 over Q3 December 2014.

Coal India is an organized state-owned coal mining corporate. The Government of India held 79.65% stake in Coal India (as per the shareholding pattern as on 31 March 2016).

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