Coal India Ltd (CIL) stepped into its 50th year, that too, with a dividend payout. CIL’s first interim dividend for FY 2025 of Rs 15.75 a share on the record date of November 5 was announced last week, along with its quarterly earnings. CIL was incorporated on November 1, 1975, as an apex body for nationalized coking coal and non-coking mines. About 80 per cent of CIL’s supplies go to coal-based power plants.
At the golden jubilee celebrations of the coal giant, Union Minister of Coal and Mines, G Kishan Reddy, congratulated CIL. “Coal is yet to peak to its full potential in India. Indigenous production is vital to avoid expensive imports. Coal India has to ramp up production to higher levels in future with equal importance to people-oriented social responsibility, welfare and safety,” said the minister.
Coal India recently announced its plans to diversify to other sectorial parallels such as solar power, pithead power stations, coal gasification, and critical minerals. CIL is scheduled to kick off its 50th-year celebration on November 3 in Kolkata with the Coal Minister as the Chief Guest and the Coal Secretary as Guest of Honour.
ALSO READ | GST Collection: Which Indian states collected the most tax in the festival month of October?
When markets closed for this week, which included Muhurat trading, CIL shares were trading at Rs 454.50 per share, up 19 per cent year-to-date. Compared to the same time last year, the stock has jumped more than 47 per cent. Consolidated net profit for the quarter that ended in September this year slid almost 22 per cent to Rs 6,289 crore.
Coal India was among the major players who got battered in the October share market bear run, falling 9.5 in a month per cent despite festive gains. Sectorial peers Vedanta was down 8.5 per cent and NMDC by 7 per cent. Gujarat Mineral Development Corp, however, saw a slight improvement of 7 per cent since the start of October.