Bank of India inks MoU with Coal India Limited
Bank of India has entered into an MoU with the Coal India Limited, a Maharatna Company for providing Salary account facilities to the employees of Coal India Limited and its subsidiaries.
State-run Coal India Ltd.’s quarterly profit grew by 14.2 per cent, higher than expected due to lower tax expenses.
Net profit rose 14.2 percent year-on-year to Rs 3,522.7 crore, the world’s largest coal miner said in a report.
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The company’s net profit stood at ₹3,084.54 crore in the year-ago period, it said in a regulatory filing.
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Its total income, however, declined to ₹22,012.94 crore in the July-September quarter of financial year 2019-20 from ₹23,486.35 crore in the corresponding period of previous fiscal.
Despite the fall in total income, Coal India’s net profit increased as its tax outgo declined significantly to ₹754.25 crore from ₹2,031.71 crore in the year-ago quarter.
(With input from agencies)
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