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New UserCoal India gains 3% on production and offtake data, appointment of new CMD
05 Sep 2017
Coal India shares rallied nearly 3 percent intraday Monday after August production and offtake data and the appointment of new CMD.
Coal production for the month of August stood at 37.63 million tonnes, which was ahead of company's target of 36.96 million tonnes, the country's largest coal miner said in its filing.
Even the offtake came in higher than its target at 43.75 million tonnes. The company had estimated offtake for August at 43.09 million tonnes.
This was provisional production and offtake performance of Coal India and its subsidiaries for August.
Meanwhile, the ministry of coal has entrusted the additional charge of Chairman and Managing Director, Coal India to Gopal Singh. He has taken over charge with effect from September 1, 2017.
The company its latest board meeting held on August 31, approved the revision in sizing charges and rapid loading silo charges; and revision in additional charges and for supply of slack and steam coal.
"Due to this revision, Coal India will generate approximate additional annual revenue of Rs 527 crore," it said.
Source: Money Control