Shares of Coal India surged over 3% in the opening session on Thursday to hit a 52-week high after the company reported strong June quarter results. On the National Stock Exchange (NSE), the stock opened at Rs 226 per share and touched a high of Rs 226.80.

On the BSE as well, the stock touched a fresh 52-week high of Rs 226.10, a rise of 2.84% from its previous closing price of 216.85.

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Coal India on Wednesday reported a nearly three-fold increase in consolidated net profit at Rs 8,832.86 crore for the April-June quarter of financial year 2022-23 on the back of higher sales. It had posted a net profit of Rs 3,174 crore in the same quarter of previous financial year.

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The state-owned miner’s revenue from operations stood at Rs 35,092 crore, up 38.8% from Rs 25,282 crore reported in the year-ago period. Its net sales in the June quarter were 39% higher at Rs 32,498 crore as against Rs 23,293 crore in the corresponding period of previous fiscal. It sold 152.49 million tonnes (MT) of coal to the power sector during April-June 2022, a year-on-year rise of 19%.

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CIL’s total expenses in the first quarter rose to Rs 23,985 crore from Rs 21,626.5 crore in the year-ago period.

Coal India was able to earn Rs 4,340 per tonne from e-auction coal. It sold around 21 million tonnes through e-auction during the April-June quarter. Its output in the April-June quarter increased to 159.75 MT from 123.98 MT in the corresponding quarter of the previous fiscal. The offtake was higher at 177.49 MT during the reported quarter as against 160.44 MT in the year-ago period.

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Coal India is the largest producer and supplier of dry fuel in the country, accounting for about 80% of domestic coal output. It is Maharatna public sector undertaking (PSU). The company was targeting 700 MT of production this financial year and one billion tonnes by 2023-24.