Coal India slides after weak production, offtake in November
Coal India declined 0.76% to Rs 203.50 after the company announced provisional coal production and offtake figures for November 2019.
The company’s total coal production in November 2019 was 50.02 million tonnes as compared to 52.06 million tonnes in November 2018, recording a decline of 3.9%.
The coal offtake recorded a 7.6% drop to 47.37 million tonnes in November 2019 as against 51.26 million in November 2018. The announcement was made on Sunday, 1 December 2019.
Meanwhile, the S&P BSE Sensex was up 13 points or 0.03% to 40,807.05.
The Coal India stock was trading in the range of Rs 202.45 to Rs 204.85 so far during the day.
On the technical front, the stock’s RSI (relative strength index) stood at 50.382. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 200.56, but still below its 200 DMA placed at Rs 222.72.
Coal India’s consolidated net profit rose 14.2% to Rs 3,522.70 crore on 6.9% decline in net sales to Rs 18,986.50 crore in Q2 September 2019 over Q2 September 2018.
Coal India (CIL) is a coal mining company, which is engaged in the production and sale of coal. The firm offers products, including coking coal, semi coking coal, non-coking coal, washed and beneficiated coal, middlings, rejects, coal fines/coke fines, and tar/heavy oil/light oil/soft pitch.
As of 30 September 2019, the Government of India held 69.33% stake in the company.
Source: Capital Market