Maharatna Company Coal India Sets Record Date For Final Dividend

The largest producer of coal in the world, Coal India Limited (CIL), is a state-owned company holding a Maharatna status by the Indian government. The company has announced a 40% final dividend for FY23 and for the purpose of the same record date has been finalized.

Coal India Dividend

"The Board of Coal India at its meeting held on 7th May 2023 had recommended final dividend for financial year 2022-23, subject to the approval of the members in the forthcoming Annual General Meeting (AGM) of the Company. In terms of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, it is hereby informed that the Company has fixed Friday, 18th August 2023 as the "Record date" for the purpose of ascertaining the eligibility of members for payment of final dividend of @ Rs. 4/- per share (40%) on equity shares for the financial year 2022-23. The final dividend, if approved by the members in the forthcoming AGM, will be paid to the eligible members within the stipulated period of 30 days from the date of AGM," said Coal India in a stock exchange filing.

Coal India has announced an equity dividend of 242.50% at a face value of Rs 10 or Rs 24.25 per share for the financial year ended March 2023. The dividend yield at the current share price of Rs. 231.35 is 10.49%. The company has a solid track record of dividend declarations during the past five years. Since February 18, 2011, Coal India Ltd. has issued 23 dividends, according to Trendlyne statistics.

Coal India Financials

For the fourth quarter that ended in March 2023, Coal India reported a consolidated net profit of Rs 5,528 crore, a drop of 18% from the Rs 6,715 crore recorded in the same period of FY22. Its revenue from operations climbed 17% YoY to Rs 38,152 crore in Q4 FY23 from Rs 32,709 crore in Q4 FY22.According to the company's statement, its total income in Q4FY23 climbed 17.08% from Rs 34,473.52 crore to Rs 40,362.36 crore in Q4FY22. Coal India reported a staggering 62% rise in profit after tax for FY23, coming in at Rs 28,125 crore as opposed to Rs 17,378 crore for FY22. Coal India's net sales for the entire 2022-2023 fiscal year were Rs 1,27,627 crore up by 27% as opposed Rs 1,00,563 crore posted in 12MFY22. Its EBITDA jumped by 49% in FY23, from Rs 26,974 crores in FY22 to Rs 40,291 crores. Coal India is yet to declare its Q1FY24 results.

Coal India Share Price

On Tuesday, the shares of Coal India opened on the BSE at Rs 231.15 apiece. While writing this copy the stock was trading 0.09% higher at Rs 231.20 compared to its previous close of Rs 231. The stock made a 52-week-high of Rs 263.30 on (09/11/2022) and a 52-week-low of Rs 194.55 on (25/07/2022). During Q1FY24, the company reported promoter shareholding of 63.13%, FIIs stake of 9.30%, DIIs stake of 22.30%, Govt stake of 0.10% and public stake of 5.18%.

Coal India Share Price Target

"COALINDIA has formed a strong support near 223.5 levels which is also 200 Day EMA. Currently, the stock is trading around 231.5 which is above its short-term (20 Day) and medium-term (50 Day) Exponential moving averages. A small hurdle is visible on charts near 237 levels which is also a recent top. Once the stock overcomes the previously mentioned resistance, it will be able to move closer to the higher level of 248.

The momentum indicator RSI is also trading comfortably at 51 levels indicating strength. The stock has bounced above the middle band of the Bollinger band and we can also witness a squeeze of the band. Once stock approaches the upper band the expansion of the Bollinger band will lead the stock to move on the higher side. Investors and traders can buy COALINDIA at the current market price of 231.5. It can also be added up to 227.5 with a proper stop loss of 223.5 for a target price of 248," said Deven Mehata, Derivative Analyst of Choice Broking.

Disclaimer

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