Coal India shares gain as Dec production increases 8.2%

For the period of April-December 2023, production grew by 11 percent to 531.9 million tonnes compared to year-ago period ( April-December 2022).

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Shares of Coal India opened 1 percent higher on January 2, a day after the company disclosed that production in December grew 8.2 percent on-year to 71.9 million tonnes. At 9:20am, the stock was trading at Rs 385.40.

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In a regulatory filing after the trading hour on January 1, Coal India said that coal production in December 2023 increased by 8.2 percent to 71.9 million tonnes. For the period of April-December 2023, production grew by 11 percent to 531.9 million tonnes compared to year-ago period ( April-December 2022). Additionally, the offtake rose 6.1 percent YoY to 66.6 million tonnes in December 2023, while the offtake in nine months ended December 2023 grew 8.7 percent to 552 million tonnes.

Foreign brokerage firm Jefferies has given a ‘buy’ call to the stock and raised the target price to Rs 450 from Rs 425. “Coal India’s volume growth trajectory has improved and is likely to sustain amid India’s strong economic growth outlook and rising power consumption,” the report said.

Also read: Jefferies raises target price on Coal India, JSW Steel, Tata Steel, Hindalco; bullish on Indian metals

In Q2FY2024, Coal India reported a 13 percent year-on-year increase in consolidated net profit at Rs 6,814 crore for the quarter ended September 30, 2023. According to analysts, this has been due to power demand and boosted production along with a weak monsoon. Revenue for the same period also grew 10 percent year-on-year to Rs 32,776 crore.

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