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News In Brief Business and Economy

Coal India Is The Broker's Choice

News In Brief Business and Economy

Coal India Is The Broker's Choice

coal-india-is-the-broker-s-choice

News Synopsis

Coal India has been directed to prioritize coal supply to the power sector and to refrain from holding any more coal e-auctions to non-power businesses. Power companies resisted taking adequate coal and held their supplies at low levels in anticipation of decreased power usage due to increasing Covid cases. As a result, Coal India produced less in FY22, liquidating its inventory. Coal India began producing more in July in response to growing demand, but output and off-take were delayed by heavy rains in September. We view the non-power sector's e-auction volume freeze as temporary, and we see no threat to our predictions. Volume rise is projected in H2-FY22 with the end of the monsoon. For FY23E, the company offers an 11 percent dividend yield and a 2.6x EV/EBITDA ratio.

 

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