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Coal India misses output target in June; production at 34.5 MT

Coal India misses output target in June; production at 34.5 MTState-owned Coal India (CIL) achieved an output of 34.54 million tonnes (MT) in June, missing its target of 36.54 MT. This comes at a time when the PSU is drawing flak for missing production targets.

CIL’s output in the April-June period of the current fiscal was at 108.33 MT, while the target for the quarter was 113. 01 MT, the company said in a filing to BSE. The company’s offtake in June was 38.29 MT, missing its target of 42.01 MT. Last month Coal and Power Minister Piyush Goyal had asked Coal India to ramp up production from its existing mines. CIL, which accounts for 80 percent of domestic coal production, missed its output target of 482 million tonnes for 2013-14, producing 462 million tonnes during the period.

Production fell short of target because of various reasons, including lack of environment clearance to the coal mining projects. In 2012-13, the company produced 452.5 million tonnes of coal, short of the 464 MT target. Coal India’s production target for 2014-15 has been set at 507 MT, while the offtake target is 520 MT. Coal India stock price On July 02, 2014, Coal India closed at Rs 393.50, up Rs 8.65, or 2.25 percent.

The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 238.35. The company’s trailing 12-month (TTM) EPS was at Rs 23.76 per share as per the quarter ended March 2014. The stock’s price-to-earnings (P/E) ratio was 16.56. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company is 12.12.

– PTI