Stock market news: Coal India down 2%; stock trades ex-dividend today

Shares of Coal India fell 2% on Friday as the stock traded ex-dividend today. Coal India shares fell as much as 2.17 per cent at 227.25 on the NSE at 1.28 pm. The central public sector undertaking (CPSU) announced a final dividend of ₹4 per equity share during the Q4 and annual earnings announcement in May 2023.

August 18 is also the fixed record date for the purpose of ascertaining the eligibility of members for payment of the final dividend.

The stock opened lower at ₹229.15 on BSE. The market capitalization of Coal India is ₹143,160.18 crore. Coal India stock hit a 52-week high of ₹263.30 on 9 November 2022 and fell to a 52-week low of ₹207.70 on 27 March  2023.

Dragged by IT stocks, and amid concerns in the United States, and deflation and demand worries in China. Indian shares fell on Friday.  The Nifty 50 index was down 0.52% at 19,265.50 while the S&P BSE Sensex fell 0.49% to 64,839.50 at 10:04 a.m. IST. Both benchmarks have lost over 0.5% so far in the week.

Coal India Q1 result

Coal India reported a 10 per cent year-on-year decline in net profit which stood at ₹7,941 crore during the quarter ending June 2023 down from ₹8,834 crore reported during the corresponding quarter last year. The net sales of the company grew marginally to ₹33,072.6 crore during the quarter under review from ₹32,497.9 during Q1FY23.

Coal India Limited's (CIL) capital expenditure (capex) scored an 8.5 per cent growth at ₹4,700 crore in the first four months (April-July) of fiscal 2023-24, said the state-run miner on August 16. The capex utilization during the period was nearly 100 per cent of the progressive target of ₹4,754 crore and 28.3 per cent of annual target of ₹16,600 crore of FY24.

India