Coal India Reports Lower Production At 50.9 MT In September

Coal India Ltd. reported a provisional 1% decline in coal production to 50.9 million tonne in September. The state-owned producer accounted for sales at 54.4 million tonne in September, a decline by 1.4% year-on-year, according to a business update on Tuesday.

The company's coal production was 51.4 million tonne in the corresponding month of the previous fiscal, the company said in an exchange filing.

However, Coal India's production in the April-September period rose to 341.3 million tonne, up from 332.9 million tonne in the previous year, the company stated. Coal offtake during the period has also increased to 366.6 MT, up from 360.6 MT in the previous year.

Coal India's production rose 10% to 773.6 million tonne in fiscal 2024, but fell short of its production target of 780 MT for the year.

Shares of Coal India closed 0.32% lower at Rs 508.50 per share on NSE, compared to a 0.05% decline in the Nifty 50.

The stock has risen 72.26% in the last 12 months and 35.24% year-to-date. Total traded volume so far in the day stood at 4.74 times its 30-day average. The relative strength index was at 53.88.

19 of the 26 analysts tracking the company have a 'buy' rating on the stock, four recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 9.3%.