Coal India gains on pact to explore opportunities in Rajasthan power demand surge

In Q3FY24, Coal India reported a 17.8 percent year-on-year rise in consolidated net profit to Rs 9,093.69 crore .

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Shares of Coal India opened around 0.3 percent higher on the NSE on March 11 after executing an agreement with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for exploring opportunities for securing power to meet the growing demand in Rajasthan. At 9:20am, the stock was trading at Rs 459.4.

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According to a regulatory filing on March 10, under this agreement, Coal India's focus will be to explore the possibilities to set up 4,100 MW projects through a JV company, across the five identified projects namely, pit-head thermal power project, solar projects at solar parks, pumped storage projects, solar projects at existing thermal power plants and wind projects.

Also read: Coal India gain on green nod to SECL's Gevra mine capacity expansion

In Q3FY24, Coal India reported a 17.8 percent year-on-year rise in consolidated net profit to Rs 9,093.69 crore. Revenue from operations increased 2.8 percent to Rs 36,153.97 crore from Rs 35,169.33 crore in the previous fiscal, while consolidated sales increased to Rs 38,357.23 crore in the October-December period from Rs 36,754.29 crore in Q3FY23.

On March 6, Coal India's Chhattisgarh-based subsidiary South Eastern Coalfield (SECL)-run Gevra mine secured the environmental clearance to expand production capacity to 70 million tonnes a year. This latest move will position Gevra as the largest coal mine in Asia, overtaking Indonesia's Sangatta mine in terms of production, according to the company.

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