Coal India gains as its capex rises 65% in Q1FY23

Coal India is currently trading at Rs. 194.75, up by 1.45 points or 0.75% from its previous closing of Rs. 193.30 on the BSE.

coal india planning to develop 55 new coal mines in next 5 years
coal india planning to develop 55 new coal mines in next 5 years

The scrip opened at Rs. 193.10 and has touched a high and low of Rs. 195.00 and Rs. 192.15 respectively. So far 142828 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 209.00 on 22-Apr-2022 and a 52 week low of Rs. 132.80 on 23-Aug-2021.

Last one week high and low of the scrip stood at Rs. 195.00 and Rs. 178.10 respectively. The current market cap of the company is Rs. 119865.07 crore.

The promoters holding in the company stood at 66.13%, while Institutions and Non-Institutions held 29.12% and 4.75% respectively.

Sustaining its growth in capital expenditure (capex) for the ninth quarter on the trot, Coal India (CIL) has achieved a sturdy 65% growth in the first quarter FY23 (Q1FY23) over comparable quarter last year.

CIL’s capex jumped to Rs 3,034 crore during April-June 2022 compared to Rs 1,841 crore of April-June 2021 resulting in a sizeable Rs 1,193 crore volume increase.

The capex increase came on the back of a strong spending in acquiring land and strengthening transport infrastructure in company’s coalfields under first mile connectivity projects.

These two vital areas help the company in expanding its mining operations for accelerated production and pairing it with seamless transportation of coal.

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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