Coal India share price hits 52-week high, rises 67% in one year – EQ Mag Pro

Coal India share price rose 52 percent in the last 6-month, while gained nearly 67 percent in the last 1-year.

The Coal India (CIL) share prices touched a 52-week high of Rs 198.60, rising over 4 percent intraday on Tuesday.

The share price surged 52 percent in the last six months, while gained nearly 67 percent in the last one year.

The coal ministry in its agenda for 2021-22 said that the state-run miner should diversify its business and explore prospects in areas like electric vehicles and charging pods. The ministry emphasised on diversification in view of the inevitable restriction on carbon emissions in future.

CIL has chosen new business area for diversification where carbon emission is minimum. The targets include solar wafer manufacturing, solar power generation, surface coal gasification and coal bed methane, it said.

The miner accounts for over 80 percent of domestic coal output and is aiming for 1 billion tonnes of output by 2023-24. It plans to spend over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24 to achieve its production target, Coal Minister Pralhad Joshi had said.

Coal India will invest Rs 32,696 crore out of the allocation in coal evacuation, Rs 25,117 crore in mine infrastructure and Rs 29,461 crore in project development by 2023-24, according to Joshi.

At 15:13 hours, the Coal India share was quoting at Rs 197.40, up Rs 7.55, or 3.98 percent on the BSE.

Source : moneycontrol