Coal India tops Nifty50 with 5% rally in shares as August output rises 13%

Coal India posted a 13 percent YoY growth in its output at 52.3 million tonnes (MT) in August 2023.

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Coal India topped the Nifty50 league as the best performer with a 5 percent surge on September 4 after the company posted a 13 percent on-year growth in production at 52.3 million tonnes in August.

The supplies reached 59 MT in August 2023 from 51.2 MT a year back, posting a rise of 15.3 percent, the Coal miner said in a regulatory filing.

In FY23-24 so far, the state-run miner produced 281.5 MT of fuel, posting an 11 percent YoY growth. During April-August, the total coal off-take jumped 8 percent to 305.5 MT.

At 12:49pm, shares of the company were trading 4.6 percent higher at Rs 247.65 on the BSE.

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Despite heavy rainfall affecting some mines, coal production increased 10 percent YoY to reach 176 million tonnes, and sales also saw a 5 percent YoY growth, reaching 187 MT in the first quarter of fiscal 2024. This marks the highest production and sales for any first quarter.

The coal major also achieved one of the highest dispatches to the non-power sector at 33.4 MT, up 34 percent over last year.

Coal India aims to produce and sell 780 MT of coal in FY24. Out of this, about 610 MT are planned to meet the demand from the power sector, with the rest allocated for non-regulated sectors.