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Stock Report
MCL races ahead of performance targets
Posted On : 2023-01-10 17:43:19( TIMEZONE : IST )
Continuing the dream run, Coal India's (CIL) subsidiary Mahanadi Coalfields Limited (MCL) as of 5 January surpassed the coal supplies of entire FY'21, almost three months ahead of the current fiscal's closure.
MCL's coal off-take peaked to 146.12 million tonnes (MTs) on 5 January overtaking the total supplies that the company registered for full year of FY'21. The feat was accomplished 85 days before FY'23 draws to a close. MCL's supplies ending FY'21 were 146 MTs.
As of the referred date, MCL's year-on-year growth in supplies was around 11%. It supplied 132 MTs of coal year ago same period.
"MCL's growth curve has been phenomenal in FY'23 in terms of production and supplies, the highest among all our subsidiaries" said a senior executive of CIL adding "this helped us in pushing up our overall output and off-take".
The Odisha based coal company supplied 143.4 MTs of coal till December FY'23, the highest among CIL's subsidiaries and13.7 MTs ahead of the progressive target achieving 111% satisfaction. MCL's supplies accounted for 28.2% of CIL's total offtake of 507.8.
Against the contracted quantity of 81.5 MTs to its power sector customers, the actual supply from MCL was 102.7 MTs till December FY'23, resulting in 126% materialization.
Similarly, MCL's production of 137.7 MTs was top among CIL's producing arms achieving 116% of the progressive target ending December'22. Increase over the target was a whopping 19.3 MTs. Of CIL's output of 479 MTs till December, MCL alone accounted for 28.7%.
A growth of 14% in over burden removal at 168.8 million cubic metres till December and being ahead of the progressive target with an achievement of 111% means MCL's coal extraction would be quicker in the ensuing months.
Shares of Coal India Limited was last trading in BSE at Rs. 216.60 as compared to the previous close of Rs. 215.00. The total number of shares traded during the day was 289557 in over 5513 trades.
The stock hit an intraday high of Rs. 217.20 and intraday low of 214.20. The net turnover during the day was Rs. 62386138.00.
