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Coal India gains after announcing increase in supply at its power plants

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Shares of Coal India were trading 0.22 per cent higher at Rs 186.15 on the BSE.

Coal India’s share price rose nearly one per cent on Thursday, September 30, a day after the state-owned enterprise announced that it plans to ramp up its supply output to power plants. On Thursday, Coal India opened at Rs 188.25 on the BSE, making it an intraday high of Rs 191.50 and an intraday low of Rs 184.55 in the trading session so far.

Coal India wants to boost the depleting stock as many power plants across the country are facing acute shortage of coal. After declining for the first time in three decades in 2020, the country’s electricity demand – of which more than 70 percent is met by coal, grew 13.2 percent in the first eight months of 2021, according to Reuters news agency.

The country’s largest coal mining firm supplied nearly 243 million tonnes of coal to utilities from April 1 to September 28 – 24 per cent more than in the same period last year and 11 per cent more than in April-September 2019.

“From October, coal-fired plants are targeted at 1.5 million tonnes per day and over 1.6 million tonnes in due course,” the coal mining and refining company said in a statement yesterday.

Coal India contributes more than 80 percent of the country’s coal production and is also India’s largest producer of dry fuel.

On the NSE, Coal India opened at Rs 187.60 in the session so far, recording an intraday high of Rs 191.50 and an intraday low of Rs 184.55. It was trading 0.54 per cent higher at Rs 186.70 last time on NSE.

Shares of Coal India were trading 0.22 per cent higher at Rs 186.15 on the BSE.

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