Coal India’s shares rise after exceeding FY2024 power supply target

Coal India Limited’s shares rose 0.82 per cent after the company reported that it surpassed its coal supply target to the thermal power sector for the fiscal year 2024 by delivering 610.8 million tonnes (MTs) of coal, exceeding the annual target of 610 MTs. The company said this achievement was reached days ahead of the fiscal year’s closure, marking the highest supply to date.

The company further said that compared with the same period last fiscal year, CIL’s coal supplies to thermal power plants increased by 29.3 MTs or 5 per cent, reaching 1.76 MTs per day. This is the second year that CIL has exceeded its coal supply target to the power sector, with the off-take in fiscal year 2023 reaching 586.6 MTs against a programmed commitment of 565 MTs.

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The increased supplies from CIL have led to a rise in coal stock at domestic coal-based power plants, which stood at 47.1 MTs as of 26th March, ahead of the summer season. This figure represents an increase of 13.7 MTs compared to the same period last year when coal stock at power plants was 33.4 MTs.

The shares were up by 0.82 per cent to ₹434.30 at 3.28 pm on the BSE.