By Malvika Gurung

Investing.com — Shares of the state-owned coal miner Coal India (NS:) was trading 4.6% higher at Rs 193.25 apiece at 11:50 am on Thursday, after surging almost 7% earlier in the session.

The stock surge came after the company announced that its subsidiary Northern Coalfields (NCL) is about to surpass the targeted coal production of 119 million tonnes in the current financial year, and affirmed that its capex aim of Rs 1,640 crore remains on track.

As per a PTI report, Coal India recorded its highest-ever single-day dry fuel production of 5.67 lakh tonne on Tuesday, taking its total output in FY22 so far, to 110.5 MT.

Given the ongoing trend and revised outlook, the company expects to exceed the set target of 119 MT in FY22. Besides, on the capex target front of Rs 1,640 crore in FY22, the coal mining major has already spent Rs 1,498 crore, added PTI.

According to an NCL official, the Jayant, Jhingurda, and Kakri projects, i.e., 3 projects have already met their annual coal production target for FY22.

The coal major’s stock has been on the upward movement over the past few days, amid rising commodity prices led by the aggravating Russia-Ukraine tensions. 

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In the last four sessions, the company’s stock has gained 32%.


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