Coal India said its production figures for September dipped slightly. The company’s shares were taking a hit amid a broad-based sell-off in early trade on Thursday.
What Happened: Coal production in September dropped 1% to 50.9 million tons in September 2024 from 51.4 million tons in the previous year. The company's total coal output from April to September this year increased 2.5% to 341.3 million tons from 332.9 million tons in the previous year.
Coal India's offtake in September declined to 54.4 million tons from 55.2 million tons in the previous year. Its offtake rose 1.7% to 366.6 million tons in the financial year so far, from April to September.
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In FY24, Coal India's production increased by 10% from the previous year to 773.6 million tons. But the figure was below the company’s 780 million tons production target for the year.
The public sector company produced 703.2 million tons in FY23.
Coal India recently signed a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) to work on renewable energy business in Rajasthan. The joint venture has an initial paid up share capital of ₹10,00,000.
Price Action: Shares of Coal India were down 1.23% at ₹502.25 on Thursday morning.
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