Coal India jumped 2.99% to Rs 177.3 after India's Union Coal Minister said the country will stop importing thermal coal from financial year 2023-24.
Union Minister of Coal and Mines, Pralhad Joshi said that India will stop importing thermal coal from financial year 2023-24. The Minister also said that various ways and means were discussed with key stakeholders to achieve 1 billion tonnes (BT) coal production target by Coal India (CIL) by Financial Year 2023-24.The Minister of Coal will coordinate with Indian Railways and Shipping Ministry and enable Coal India evacuate more coal by 2030. Stressing upon the diversification in the Indian Coal sector, the Minister said that ideas have also been mooted that CIL could think of coming up with the state of the art pithead thermal power plants to transform it into an integrated energy company.
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The minister also said that CIL could generate 5 GW of solar power by FY 2023-24 and could diversify into coal gasification with a target of 50 Million Tonnes by 2030 enabling a sustainable energy mix for the country.
CIL reported 14.1% fall in consolidated net profit to Rs 3923.87 crore on a 7.8% decline in net sales to Rs 21566.41 crore in Q3 December 2019 over Q3 December 2018.
CIL produced 147.50 million tonne of raw coal in the three months ended December. Its output in the corresponding period a year ago was 155.97 million tonne. Total coal sales fell 8.15% to 141.55 million tons in Q3 FY20 from 154.12 million tons reported in the same period last year.
CIL is a coal mining company, which is engaged in the production and sale of coal. The firm offers products, including coking coal, semi coking coal, non-coking coal, washed and beneficiated coal, middlings, rejects, coal fines/coke fines, and tar/heavy oil/light oil/soft pitch.
As of 31 December 2019, the Government of India held 69.05% stake in the company.
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