Coal India Shares Surge To 52-Week High On Strong Production Figures For December 2023

Coal India Shares Surge To 52-Week High On Strong Production Figures For December 2023

Coal India Limited's production in December 2023 saw a jump of 8.2 per cent at 71.9 Million tonnes over last year’s 66.4 MT, the company announced on Monday.

Oliviya KunjumonUpdated: Tuesday, January 02, 2024, 02:14 PM IST
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Coal India Shares Surge To 52-Week High/ Representative Image | File Photo

The shares of coal India Limited on Tuesday saw a substantial increase, with its shares rising over 3 per cent to reach its 52 week high in the intraday trades after the company's release of the coal production figures for December 2023.

At 1:49 pm IST, the shares of coal India Limited were trading at Rs 391, up by 2.45 per cent.

Coal India’s production in December 2023

Production performance

Coal India Limited's production in December 2023 saw a jump of 8.2 per cent at 71.9 Million tonnes over last year’s 66.4 MT, the company announced on Monday.

Coal India’s subsidiary company Eastern Coalfields Limited (ECL) posted a 46.4 per cent growth in the production of coal in December 2023 with the production at 4.6 MT against 3.2 MT in the same month last year. Another subsidiary company Bharat Coking Coal Limited (BCCL) produced 2 per cent more with the production at 3.6 MT against 3.6 MT. While CCL reported a jump in production of 10.3 per cent along with NCL and WCL reporting a rise in production of 2.8 per cent and 6.6 per cent. SECL reported a sloight decline of 0.9 per cent in production and MCL saw a rise 14.8 per cent in production. Moreover, NEC saw a rise in production of 27.3 per cent with 0.03 MT coal produced.

Offtake performance

Further, Coal India’s offtake increased by 6.1 per cent to 66.6 in comparison to 62.7 in December 2022. The subsidiaries including MCL, SECL and WCL reported a jump of 6.2 per cent, 0.7 per cent, and 8.9 per cent respectively. ECL saw a rise of 35.1 per cent, BCCL saw a jump of 3.2 per cent, CCL rose 9.2 per cent while, NCL offtake hiked 3.3 per cent. The NEC offtake reported a decline of 70.5 per cent.

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