Shares of Coal India slipped in Monday’s opening deals as the stock traded ex-dividend today ahead of its record date.
The miner in a regulatory filing last week had said that the board in its meeting held approved payment of interim dividend for FY22 at ₹9 per share of the face value of ₹10 as against ₹7.5 per share announced last year.
The coal producer’s sales volumes in November rose by 10.8% from that of the same month last year. Sales during April to November 2021 are up at a faster rate of almost 18% year-on-year.
This was partly helped by a favourable base, given that volumes had declined by 1.8% year-on-year during April to November 2020.
The government receives interim dividend from Coal India
The government will receive around ₹3,667 crore as an interim dividend from Coal India for the current 2021-22 fiscal.
The Maharatna PSU announced a 90% interim dividend for FY22, and the total outgo for the purpose will be around ₹5,546 crore, the report added.
The government holds a 66.13 per cent stake in Coal India. The coal behemoth had given a total dividend at ₹16 per share in FY21.
The company had posted a net profit of ₹2,948 crore in the corresponding quarter last year.
Its consolidated revenue from operations during July-September 2021 increased to ₹23,291 crore, compared with ₹21,153 crore in the year-ago period.
Procurement of heavy earth moving machinery at Rs 3,453 crore topped the list of capex heads for FY21, followed by land at Rs 2,470 crore.