Shares of Coal India gained over a percent on June 2, reacting to the company’s production and sales figures for May.
In May 2023, the production rose to a record 60 million tonnes (MT), up 9.5 percent over the same month last year with an increase of 5.2 MT. Considering the production for May generally hovering in the range of 40-48 MT, the surge in output that Coal India witnessed was substantial, the company said in an exchange filing.
All subsidiaries of Coal India have listed positive growth, it added.
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At 2:03 pm, the stock was quoting at Rs 232.00, up 0.63 percent. It was trading with volumes of 904,933 shares so far on June 2 compared with its five-day average of 379,848 shares, implying an increase of 138 percent.
Coal India’s growth in May 2023, in volume and percentage terms came on the back of a very high base, the coal major highlighted.
Meanwhile, production till May 2023 was 117.5 MT increasing by 9.3 MT, a YoY growth of 8.6 percent. Production had come in at 108.2 MT during May last fiscal.
Coal India is a stock widely preferred for being a good dividend play, according to market participants. The stock enjoys a dividend yield of around 9-10 percent. Though the stock's performance in the past six months has largely been flat.
In December 2022, the stock was trading at Rs 231 and is now currently at Rs 232.
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