Coal India gains 2% as arm SECL inks ₹7,040 crore coal mining pact
Coal India stock was quoting at ₹402.80, up 0.99 per cent from Thursday, April 17 close of ₹398.85
 "Coal India gains 2% as arm SECL inks ₹7,040 crore coal mining pact")
Coal India share price: Shares of state-run coal giant Coal India rose around 2 per cent to hit an intraday high of ₹406 on Monday after the company's subsidiary South Eastern Coalfields (SECL) entered into a ₹7,040 crore pact with TMC Mineral Resources for undertaking large-scale coal production in Korba area of Chhattisgarh using paste filling technology.
Coal India will be the first coal PSU in India to adopt paste-fill technology for coal mining. It is a modern underground mining technique that eliminates the need to acquire surface land. After coal extraction, the mined-out voids are filled with a specially prepared paste made from fly ash, crushed overburden from opencast mines, cement, water, and binding chemicals.
According to the company's statement, the project is expected to yield around 8.4 million tonnes of coal during its 25-year duration. The Singhali underground coal mine will be the site of this innovative approach.
At 1:33 PM on Monday, the stock was quoting at ₹402.80, up 0.99 per cent from Thursday, April 17 close of ₹398.85. In comparison, the benchmark NSE Nifty50 index was trading at 24,156.35, up 304.70 points or 1.29 per cent. The stock has fallen around 26 per cent from its 52-week high of ₹543.55 touched on August 26, 2024. The total market capitalisation of the company stood at ₹2.48 trillion. READ STOCK MARKET LIVE TODAY HERE
Coal India Q3 flashback
In the December 2024 quarter (Q3 FY25), the company reported a net profit of ₹8,491.2 crore, down 17.5 per cent from ₹10,291.7 crore in the corresponding quarter of previous fiscal. The company's revenue from operations stood at ₹35,779.8 crore, down 1 per cent compared to ₹36,154 crore in the year-ago period. The company's Ebitda (Earnings before interest, tax, depreciation and amortisation) came in at ₹12,317.2 crore, down 5 per cent Y-o-Y from ₹12,970.7 crore. READ | International Gemmological Institute shares jump 5% as Q1 profit grows 12%
About Coal India
Incorporated in November 1975, state-owned Coal India is the largest coal producer in the world. The company's headquarters is situated in Kolkata, West Bengal. Across eight Indian states, CIL operates in 84 mining areas, managing a total of 313 active mines, consisting of 131 underground, 168 opencast, and 14 mixed mines. It has 12 subsidiary companies including Eastern Coalfields (ECL), Bharat Coking Coal (BCCL), Central Coalfields (CCL), Western Coalfields (WCL), South Eastern Coalfields (SECL), Northern Coalfields (NCL), Mahanadi Coalfields (MCL), Central Mine Planning & Design Institute (CMPDIL), CIL Navikarniya Urja (CNUL), CIL Solar PV (CSPL), Coal India Africana (CIAL) and Bharat Coal Gasification and Chemicals (BCGCL). In the year 2023-24, Coal India recorded the best-ever production figure of 773.647 MT registering a growth of 10 per cent.