Thursday 19 September 2013

Coal India advances on the plans of importing 15 mt of coal for power utilities

Coal India is currently trading at Rs 300.05, up by 2.55 points or 0.86% from its previous closing of Rs 297.50 on the BSE.

The scrip opened at Rs 301.00 and has touched a high and low of Rs 305.00 and Rs 299.70 respectively. So far 66435 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 376.00 on 21-Sep-2012 and a 52 week low of Rs 238.35 on 30-Aug-2013.

Last one week high and low of the scrip stood at Rs 299.60 and Rs 283.50 respectively. The current market cap of the company is Rs 189806.75 crore.

The promoters holding in the company stood at 90.00% while Institutions and Non-Institutions held 7.65% and 2.35% respectively.

In a bid to meet the fuel supply agreement obligation, Coal India is planning to import 15 million tonnes of coal for power utilities. In this regard, the company has received interest for 15 million tonnes from IPPs (independent power producers) and state owned entities. Around 60 companies, that include mostly private power producers like Damodar Valley Corporation and state generation companies, have shown interest to import coal on behalf of them.

Thus, the coal miner will float tender to select an agency (like MMTC, STC) who will import the coal on its behalf and the same will be completed within this fiscal.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

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