Coal news and updates

Coal India Falls 3% on Production Target Miss

Coal India shares fell as much as 3 per cent to intraday low of Rs 428.30 on Monday after the miner failed to achieve its July production target.
 

Coal India in a release to exchanges said its coal production for the month of July grew 5.5 per cent annually to 34.83 million tonnes (MT) - its lowest production growth in last 6 months. Coal India had a production target of 36.04 MT for the month of July.
 

On an absolute basis, Coal India's July production of 34.83 MT was the lowest in 11 months.
 

For the four months from April-July 2015, Coal India's total production stood at 156.15 MT, which is 98 per cent of its production target of 159.07 MT.
 

Coal India's July production was impacted by lower output at its subsidiary MCL and SECL, which reported 2 per cent and flat annual growth in production respectively for the month of July.
 

MCL and SECL together account for 50 per cent of Coal India's total production.
 

Coal India shares closed 1.96 per cent lower at Rs 432.80 apiece, underperforming the broader Nifty, which closed 0.12 per cent higher.

source: http://profit.ndtv.com