Tuesday, October 4, 2022

Coal India shares settle flat after earnings announcement

Shares of Coal India Ltd gained 3 percent to hit their 52-week high on Thursday but closed flat on profit booking following robust June quarter results

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New Delhi: Shares of Coal India Ltd gained 3 percent to hit their 52-week high on Thursday but closed flat on profit booking following robust June quarter results. The mining major stock opened strong at Rs 226.00, then gained further to hit a 52-week high of Rs 226.10, registering a rise of 2.84 percent. It hit a high of Rs 226.10 and low of Rs 218 during the trade.

The stock finally settled at Rs 218.60 apiece, lower by 0.57 percent.

On the NSE, it rose nearly 1 percent to settle at Rs 219 apiece.

The 30-share BSE benchmark climbed 515.31 points or 0.88 percent at 59,332.60.

Coal India Ltd on Wednesday reported an almost three-fold rise in consolidated net profit at Rs 8,832.86 crore for the June 2022 quarter on the back of higher sales.

The company had posted a net profit of Rs 3,169.86 crore in the year-ago period, Coal India Ltd (CIL) said in a BSE filing.

Its revenue from operations during the April-June period increased to Rs 35,092.17 crore from Rs 25,282.75 crore a year ago.

The company’s net sales in the first quarter rose to Rs 32,497.9 crore from Rs 23,293.65 crore earlier.

Its output in the April-June period rose to 159.75 million tonnes (MT) from 123.98 MT in the corresponding quarter of the previous fiscal.

(With PTI inputs)

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