Coal India slides after missing target in February

Coal India dropped 1.69% to Rs 307.50 at 09:44 IST on BSE after the company reported lower-than-targeted production and offtake figures for February 2018.

The announcement was made after market hours on Thursday, 1 March 2018. The stock market was closed on Friday, 2 March 2018 on account of Holi.

Meanwhile, the S&P BSE Sensex was down 239.05 points, or 0.7% to 33,807.89.

On the BSE, 37,000 shares were traded in the counter so far, compared with average daily volumes of 4.04 lakh shares in the past two weeks. The stock had hit a high of Rs 311.05 and a low of Rs 307 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 figures of the company and its subsidiaries in February 2018. The company achieved 89% of the targeted coal production at 54.46 million tonnes in February 2018. Actual offtake was 96% of the targeted offtake at 49.97 million tonnes in February 2018.

On a consolidated basis, Coal India's net profit rose 4.21% to Rs 3004.79 crore on 4.42% growth in total income to Rs 22484.14 crore in Q3 December 2017 over Q3 December 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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