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Hot Pursuit
06-Oct-21
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Coal India rises after board approves pre-feasibility report for aluminium project
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Coal India gained 1.06% to Rs 200 after the state run company announced that its board has approved a pre-feasibility report for setting up an integrated aluminium project in Odisha.
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In a regulatory filing on Tuesday, Coal India said, “CIL in its board meeting held on date had accorded its in-principle approval to pre-feasibility report for setting up of integrated greenfield aluminium project in Odisha which shall include bauxite mining, alumina refinery, aluminium smelter and associated captive power plant by its wholly owned subsidiary Mahanadi coalfields.”
The Maharatna PSU accounts for over 80% of domestic coal output and has expertise in mining.
Coal India is a coal mining company engaged in the production and sale of coal. As of 30 September 2021, the Government of India held 66.13% stake in the company.
On a consolidated basis, the PSU coal major's net profit jumped 52% to Rs 3,169.65 crore on 37% increase in sales to Rs 23,293 crore in Q1 FY22 over Q1 FY21.
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