Coal India top Nifty50 gainer as Q2 profit more than doubles; brokerages bullish

Coal India share price NSE target, Coal India Dividend 2022 record date: Coal India Ltd (NSE: COALINDIA) stocks zoomed more than 5 per cent in the early morning deals on Wednesday to become top Nifty50 performer. The buying was buoyed as Street remained optimistic about the stock post strong second quarter results.

Coal India stock price opened at Rs 255.50 apiece on NSE, rising around 4 per cent. At 9:40 AM, the stock quoted at Rs 262.60 apiece on the NSE and BSE each, gaining more than 5 per cent.

In the July-September quarter of the current fiscal, the state-owned CIL posted a consolidated net profit of Rs 6,044 crore, a jump of 106 per cent over the corresponding quarter profit of Rs 2,932 crore registered last year. The net sales stood at Rs 27,538 crore — a rise of 29 per cent in the same quarter of the previous year's net revenue of Rs 21,292 crore. Higher demand for coal due to global shortage has helped better auction realisations.

Brokerages are optimistic about the public sector enterprise following the release of the company's Q2FY23 numbers. 

Coal India stock has delivered a tremendous return of nearly 50 per cent in a span of one year. In perspective, Rs 170.50 apiece on November 9, 2021 is now available to around Rs 250 a piece.

Currently, the company's market cap is around Rs 1,54,00,000 crore, according to the NSE website.

Coal India Dividend 2022

Coal India has announced to pay a whopping 150 per cent dividend to its shareholders. This translates into Rs 15 per share. Coal India share dividend record date is November 16. Coal India dividend of Rs 15 would be paid on/before December 6. This is the first interim dividend that the company has announced in the current financial year.

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Also read- 150% interim dividend! This Govt-owned company announces bonanza for shareholders — Check dividend record date, ex-date, payment date