Saturday, November 10, 2012

Coal India net up 19%, narrowly misses estimates


Coal India, the world's largest coal miner, reported on Friday a 19 percent increase in quarterly profit, helped by strong sales and better prices, but narrowly missed market expectations.

The state-run miner said September quarter net profit rose to Rs 30.8 billion (Rs 3,080 crore) from Rs 25.9 billion (Rs 2,590 crore) a year earlier. Net sales rose 11 percent to Rs 145.7 billion (Rs 14,570 crore).

Analysts on average had forecast a net profit of Rs 32.2 billion (Rs 3,220 crore), according to a Reuters poll of brokerages.

Shares in Coal India, valued at USD 40.7 billion, closed 0.7 percent lower, before the earnings announcement, in a Mumbai market down nearly 1 percent. The stock has gained nearly 16 percent so far this year.

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd


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