MCL surpasses 100 million tonnes coal despatch, sets new record
The company achieved this milestone on Thursday, with a record 16 days ahead of the last fiscal year, said the company officials on Friday.
Coal India Ltd (CIL) on Wednesday said its production increased by 7.3 per cent to 61.8 million tonne (MT) in April.
The state-owned company in a filing to the BSE said it had produced 57.6 MT of coal in the corresponding month of the previous fiscal.
CIL’s coal offtake also registered a rise of 3.2 per cent to 64.3 MT last month, over 62.3 MT in the year-ago period. Coal offtake is the amount of dry fuel supplied from the pit heads.
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It is to be noted that the CIL accounts for over 80% of domestic coal production.
Of the 61.8 MT of coal produced by CIL in April, a maximum of 16 MT was produced by Mahanadi Coalfields Ltd (MCL) followed by 14.1 MT by South Eastern Coalfields (SECL) and 11.8 MT by Northern Coalfields Ltd among others.
In FY24, CIL’s production increased 10% to 773.6 MT but fell short of its production target of 780 MT for the fiscal. Coal India Ltd’s production was 703.2 MT in 2022-23.
Coal India shares are one of the dividend-paying stocks in the Indian stock market. The dividend declared by this PSU stock in FY24 is ₹24.50 (₹4, ₹15.25, and ₹5.25).
In FY24, dividend-paying stock Coal India shares declared dividends to the tune of 11.50%.
Recently, the Ministry of Commerce & Industry released the data of the eight core sectors in India.
It highlighted that the coal production increased by 8.7% y-o-y in March with its cumulative index increased by 11.7% during 2023-24 over corresponding period of the previous year.
CIL had earlier informed that a meeting of its board of directors will be held on May 2 to consider, approve, and take on record audited financial results of the company for the fourth quarter and year ended March 31, 2024.
Along with this, the state-owned company might also announce monetary rewards as a final dividend for FY24 for its shareholders.
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