Introduction:
Two Maharatna PSUs under the Government of India have signed a Non-Binding Memorandum of Understanding to explore the development of a Coal to Synthetic Natural Gas project, focusing on surface coal gasification at Western Coalfields Limited.
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Share price movement of Coal India:
On December 3, 2024, Coal India Ltd opened at ₹425.65, up 0.96% from ₹421.65. The stock reached a high of ₹425.65 (0.96%) and a low of ₹421.85. By 10:06 AM, it traded at ₹422.85, a 0.28% increase, with a market cap of ₹2,60,590.97 crore.
Coal India and BPCL Sign MoU:
Coal India Limited (CIL) and Bharat Petroleum Corporation Limited (BPCL) signed a Non-Binding Memorandum of Understanding (MoU) in Mumbai. The collaboration aims to explore setting up a Coal to Synthetic Natural Gas project.
The MoU focuses on the development of a surface coal gasification project at Western Coalfields Limited (WCL). Both Maharatna PSUs under the Government of India will work together to assess the viability of the initiative.
The project intends to leverage coal resources for producing synthetic natural gas, advancing energy diversification. This strategic partnership aligns with both companies’ goals to explore sustainable energy solutions and strengthen their market positions.
Recent news on Coal India:
As of November 27, 2024, Coal India Ltd plans to develop 36 new mining projects over the next five years. The company continues to expand its operations, contributing to the increase in national coal production, which reached 997.8 MT in 2023-24.
Stock performance of Coal India for Period of 1 week, 6 months and 1 year:
Coal India Ltd has posted a 2.48% return over the past week, despite a 10.8% decline over the last six months. However, the company has seen a strong 18.9% return over the past year, reflecting overall positive growth.
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Shareholding pattern of Coal India:
| All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 63.10% | 63.10% | 63.10% |
| FII | 9.20% | 8.40% | 8.40% |
| DII | 22.70% | 23.30% | 23.30% |
| Public | 5.00% | 5.20% | 5.20% |
About Coal India:
Coal India Limited (NSE: COALINDIA) is the largest coal producer in India, operating numerous coal mines across the country. The state-owned Maharatna company plays a crucial role in India’s energy sector, meeting domestic coal demand.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
