Coal India slips in volatile trade

Coal India fell 1% to Rs 392.55 at 11:41 IST on BSE in volatile trade after the government on Monday, 7 July 2014, said it has no plan to set up an independent pricing authority for coal.

Meanwhile, the S&P BSE Sensex was down 44.64 points or 0.17% at 26,055.44

On BSE, so far 87,269 shares were traded in the counter as against average daily volume of 5.20 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 0.36% at the day's high of Rs 397.95 so far during the day. The stock fell as much as 1.38% at the day's low of Rs 391 so far during the day. The stock hit a record high of Rs 423.85 on 11 June 2014. The stock hit a record low of Rs 238.35 on 30 August 2013.

The stock had underperformed the market over the past one month till 7 July 2014, gaining 1.41% compared with the Sensex's 2.77% rise. The scrip, however, outperformed the market in past one quarter, jumping 39.56% as against Sensex's 16.81% rise.

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

Minister of state for Power, Coal & New and Renewable Energy Piyush Goyal said in a written reply to a question in the Rajya Sabha on Monday, 7 July 2014, that the government has no plan to set up an independent pricing authority for coal. Goyal said that the pricing of coal has been fully deregulated and coal companies themselves fix the coal price based on input costs, inflation index, market trends etc. and notify the same periodically.

On 2 July 2014, Coal India said that the company and its subsidiary companies' production on provisional basis was 94% of targeted production at 34.54 million tonnes in June 2014. Coal India and its subsidiary companies' offtake on provisional basis was 91% of targeted offtake at 38.29 million tonnes in June 2014.

Coal India's consolidated net profit declined 18.1% to Rs 4434.18 crore on 0.5% growth in net sales to Rs 19997.98 crore in Q4 March 2014 over Q4 March 2013.

Coal India is the largest coal producer in the world.

Powered by Capital Market - Live News