Coal India share price rose 3% in trade today after government said the state-owned miner would pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonne of fuel output target. The firm will also report its earnings for quarter ended June today.
Share price of Coal India gained 2.96% intra day to Rs 137.45 compared to the previous close of Rs 133.50 on BSE.
The stock has gained after 4 days of consecutive fall.
The share trades higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages. The stock lost has 35.31% since the beginning of this year and fallen 25.92% in one year.
The stock hit 52-week low of Rs 119.25 hit on March 26, 2020 and 52-week high of Rs 217 on November 11, 2019.
Coal Minister Pralhad Joshi said of the proposed spend of over 1.22 lakh crore, Coal India has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24.
Joshi was addressing a stakeholders' meet organised by the PSU through video conferencing.
The state-owned company will also invest Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works, Joshi said adding that the investment of Rs 1.22 lakh crore will be utilised to fund a total of 500 projects.