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With an increase in power demand in July, the coal supply to electricity generating plants surged by17.09% to 58.45 million tonnes. Last year, 49.92 MT of cola was dispatched to power utilities, according to provisional data from the coal ministry.

Overall dispatch of coal in the country went up by 8.51% to 67.81 MT last month compared to 62.49 MT in the corresponding month of the previous fiscal.

In July this year, the overall coal production also went up by 11.37% to 60.42 MT as against 54.25 MT in the year-ago period.

Earlier, the government had mandated Coal India (CIL) to import coal as an emergency measure to avoid the fuel shortage at power utilities and build up buffer stock.

Subsequently, Coal India awarded the contract for the supply of 7.91 lakh tonnes of imported coal to PT Bara Daya Energy Ltd (consortium) to power generation companies (gencos) during August and September.

Adhunik Power, Rattan India, Sai Wardha, and Avantha Power & Infrastructure Ltd are the gencos that had expressed willingness to buy imported coal.

On June 9, CIL floated its maiden tender to import 2.416 million tonnes of coal. On June 10, CIL floated two medium-term tenders for sourcing 6 MT of additional coal from overseas in order to ensure domestic fuel supplies amid the fear of shortage during monsoon.

Coal India accounts for over 80% of India's coal output.

Meanwhile, shares of Coal India on Thursday gained 3% to hit their 52-week high but closed flat on profit booking following robust June quarter results.

The mining major stock opened strong at 226.00, then gained further to hit a 52-week high of 226.10, registering a rise of 2.84%. The stock finally settled at 218.60 apiece, lower by 0.57%.

On the NSE, the stock rose nearly by 1% to settle at 219 apiece.

Yesterday, Coal India reported an almost three-fold rise in consolidated net profit at 8,832.86 crore for the June 2022 quarter on the back of higher sales.

The company had posted a net profit of 3,169.86 crore in the year-ago period, Coal India Ltd (CIL) said in a BSE filing.

Its revenue from operations during the April-June period increased to 35,092.17 crore from 25,282.75 crore a year ago.

The company's net sales in the first quarter rose to 32,497.9 crore from 23,293.65 crore earlier.

Its output in the April-June period rose to 159.75 million tonnes (MT) from 123.98 MT in the corresponding quarter of the previous fiscal.

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