State-run mining giant Coal India Ltd (CIL) witnessed a remarkable surge on Monday, June 3, with its shares jumping over seven percent to reach an all-time high of Rs 527.4 on NSE in morning trading sessions. The upswing in the stock was fueled by broad-based buying in the market following exit polls predicting a significant victory for the BJP-led NDA in the Lok Sabha elections.
The positive momentum in Coal India’s stock was further propelled by the company’s robust operational performance. According to a regulatory filing dated June 1, Coal India recorded a notable 7.5 percent growth in coal production, accompanied by a 7.2 percent increase in offtake during May.
During the month, coal production surged to 64.5 million tonnes (MT), up from 59.9 MT last year, while coal offtake escalated to 68.2 MT compared to 63.7 MT in the corresponding period.
Additionally, the company informed the exchanges about the retirement of Sanjay Khare, Executive Director (L&R), effective May 31.
In the financial quarter ending in March, Coal India reported a consolidated net profit of Rs 8,682.2 crore, marking a significant 26.3 percent increase compared to the same period last year and surpassing analysts’ expectations. The heightened profitability was attributed to increased coal supplies during the fourth quarter of the fiscal year 2023-24.
