Coal India and GMDC trade mixed bag after coal minister Joshi reveals govt plan for coal gasification

After Coal Minister Pralhad Joshi, in exclusive conversation with Zee Business, said that the demand for electricity in India would double by 2030, the stocks of power companies such as Coal India and Gujarat Mineral Development Corporation (GMDC) were trading mixed bag on Thursday (January 11, 2024). 

Joshi told Zee Business that the demand for electricity in India would double by 2030.

The minister said that to meet the demand for the increased electricity consumption, the government was planning to bring private players in coal gasification.

In the same direction, the government will auction 30 more critical mineral mines by March, the minister told Zee Business.

Let's see how power stocks are faring after the minister's statement.

Coal India

The stock of the coal firm was trading higher by 0.76 per cent, or Rs 2.90, at Rs 384.85 at 11:58 am on Thursday. The stock closed at Rs 381.95 on Wednesday before opening at Rs 386.00. It hit the day's high of Rs 386 soon after that. 

GMDC

The stock of the Gujarat Mineral Development Corporation (GMDC) was trading lower by 2.21 per cent, or Rs 10.60, at Rs 469.90 in the morning trading session on Thursday.