Meet T-20 player Coal India; Gains 20 per cent in 20 days
Globally soared prices for coal due to shortage of natural gas are benefiting the coal industry. And the dominant player of the domestic market is not hesitant to reap the benefits.
Coal India Limited has come into the limelight of investors. The stock today created a fresh 52-week high of Rs 170, which indicated a gain of nearly 20 per cent in just 20 days, a rare rally for a coal PSU.
On September 20, Coal India’s subsidiary Bharat Coking Coal Ltd (BCCL) had signed a contract with Prabha Energy amounting to Rs 1,880 crore for commercial extraction of coal bed methane, which further boosted the momentum in the share price.
Coal India Ltd is the largest coal-producing company in India generating 83 per cent of total coal production, a scenario unlikely to change easily. It alone provides for 40 per cent of primary commercial energy requirements in the nation. The stock price has a 52-week high of Rs 170 and a 52-week low of Rs 109.5 at noon today on BSE.