Coal India hits an all-time high for 2nd day in a row after miner signs an MoU with Haryana government

Coal India Share Price: Coal India hit an all-time high on BSE on Friday (February 16, 2024) for the second day in succession after the miner signed an MoU with the Haryana government. The stock scaled a fresh peak of Rs 487.75 in morning deals on Friday, having achieved the same feat a day ago, when it had touched the level of Rs 481.20.

It was trading higher by 1.79 per cent, or Rs 8.55, at Rs 485.25, at 9:35 am on Friday. 

On Thursday, Coal India signed a memorandum of understanding (MoU) with the Haryana Power Purchase Centre (HPPC), which expressed its interest in purchasing 800 MW of power from ‘Mahanadi Basin Power Ltd’ (MBPL), a wholly-owned subsidiary of Mahanadi Coalfields Limited (MCL). 

"The MoU’s purpose is to formalise and define the basic framework of discussions for the power purchase agreement. MCL is the highest coal-producing arm of CIL that operates in Odisha. Haryana State is keen to ensure electricity availability to meet its expanding energy demand," Coal India said in a statement after market hours on Thursday.