Coal India slides on weak production, offtake in April

Coal India fell 3.90% to Rs 142.80 after the company's provisional coal production dropped 10.9% to 40.38 million tonnes (MT) in April 2020 compared with 45.30 MT in April 2019.

Provisional coal offtake slipped 25.5% to 39.06 MT in April 2020 as against 52.41 Mill Te in April 2019. The disclosure was made on Friday, 1 May 2020. The markets were shut on Friday on account of Maharashtra Day.

Coal India's consolidated net profit tanked 14.08% to Rs 3,923.87 crore on a 7.78% drop in net sales to Rs 21,566.41 crore in Q3 December 2019 over Q3 December 2018.

Coal India (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 March 2020, the Government of India held 66.134% stake in the company.

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