STOCKS: Coal India declines Mon as July production belies target

 

 Coal India Ltd, the world's biggest coal miner, dropped Monday after it failed to meet its July production target.

  Coal production in the month of July declined 5.5% to 34.83 million tonnes from the same period a year ago, its lowest production growth in the last 6 months, the Coal India said in a statement to the stock exchanges Saturday.

  Coal India had a production target of 36.04 million tonnes for the month of July.

  On an absolute basis, Coal India's July production of 34.83 MT was the lowest in 11 months.

   For the four months from April-July 2015, Coal India's total production stood at 156.15 MT, which is 98% of its production target of 159.07 MT.

   Coal India's July production was impacted by lower output at its subsidiary MCL and SECL, which reported 2% and flat annual growth in production respectively for the month of July.

   MCL and SECL together account for 50% of Coal India's total production.

  At 12PM, shares of Coal India slipped 1.6% to Rs 432.45 on the Mumbai stock exchange.