Coal India shares settle flat after earnings announcement

Shares of Coal India Ltd gained 3 per cent to hit their 52-week high on Thursday but closed flat on profit booking following robust June quarter results.

The mining major stock opened strong at Rs 226.00, then gained further to hit a 52-week high of Rs 226.10, registering a rise of 2.84 per cent. It hit a high of Rs 226.10 and low of Rs 218 during the trade.

The stock finally settled at Rs 218.60 apiece, lower by 0.57 per cent.

On the NSE, it rose nearly 1 per cent to settle at Rs 219 apiece.

The 30-share BSE benchmark climbed 515.31 points or 0.88 per cent at 59,332.60.

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.

The company had posted a net profit of Rs 3,169.86 crore in the year-ago period, Coal India Ltd (CIL) said in a BSE filing.

Its revenue from operations during the April-June period increased to Rs 35,092.17 crore from Rs 25,282.75 crore a year ago.

The company's net sales in the first quarter rose to Rs 32,497.9 crore from Rs 23,293.65 crore earlier.

Its output in the April-June period rose to 159.75 million tonnes (MT) from 123.98 MT in the corresponding quarter of the previous fiscal.