Coal India Shares

Coal India Ltd on Wednesday reported an almost three-fold rise in consolidated net profit at Rs 8,832.86 crore for the June 2022 quarter on the back of higher sales.

CIL has called for bids to supply 2.4 mt of coal to be delivered for the July to September 2022 period

Global slowdown leading to lower prices, fall in e-auction volumes and higher-than-expected wages are downside risks

The stock of the state-owned company surpassed its previous high of Rs 162.95, touched on February 26, 2021.

Pressure on e-auction premiums, subdued outlook on prices and stake sale overhang remain key concerns

The company reported an impressive 362.46 per cent jump in its net profit at Rs 6,024.23 crore for the quarter ended March 31, 2019.

Only 1,000-1,200 online applications received; share sale offer in open market had seen only 0.2% oversubscription

On top of the 3 per cent stake sale, the government also has an option to retain an over-subscription of another 6 per cent stake in the CIL OFS

Institutional demand less than a third of the total issue size of Rs 148-bn

The decision of the government may also have been influenced by the dividend payout from Coal India this year

The ICICI Prudential MF-managed Bharat 22 ETF's new fund offer (NFO) has a size of over Rs 8,000 crore.