Coal India slips on weak coal offtake numbers

Coal India fell 3.55% to Rs 187.2 after it announced provisional coal production and offtake figures for September 2019.

Coal India and its subsidiaries' coal production fell 23.5% to 30.77 million tonnes in September 2019 compared to 40.25 million tonnes in September 2018. Meanwhile, offtake of coal stood at 35.18 million tonnes in September 2019 over 43.98 million tonnes in September 2018, lower by 20% over the same period last year.

Meanwhile, the S&P BSE Sensex was down 92 points or 0.24% to 38213.74.

On the BSE, 2.43 lakh shares were traded in the counter so far compared with average daily volumes of 8.88 lakh shares in the past two weeks. The stock hit a high of Rs 194.1 and a low of Rs 186.25 so far during the day.

The stock hit a 52-week high of Rs 288.3 on 29 Oct 2018. The stock hit a 52-week low of Rs 177.8 on 22 Aug 2019.

The state-owned coal miner's net profit rose 53.9% to Rs 137.36 crore on a 0.7% increase in net sales to Rs 1086.11 crore in Q1 June 2019 over Q1 June 2018.

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