Coal India Share Price Jumps 4%, Hits 52-Week High After CCEA Approves Rs 5,607 cr Investments
by Sandip Das on 20 January 2024, 3 min read
Coal India share price jumped 4 percent hitting new 52-week high in the morning session on January 20. This comes after the government approved the company’s two thermal power plants on January 19, 2024.
On January 18, the Cabinet Committee on Economic Affairs (CCEA) approved equity investments of Rs 5,607 crore for State-owned South Eastern Coalfields and Mahanadi Coalfields. The purpose of these investments is to establish two thermal power projects with a cumulative generation capacity of 2,260 MW.
The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Thursday, an official statement said.
As per the statement, South Eastern Coalfields Ltd (SECL) will establish a 660 MW thermal power plant in Anuppur district of Madhya Pradesh. This will be carried out through a joint venture between SECL and Madhya Pradesh Power Generating Co Ltd (MPPGCL), a state government-owned entity. The project in question is the 660 megawatt (MW) Amarkantak supercritical coal-based thermal power plant.
Similarly, Mahanadi Coalfields Ltd (MCL) plans to set up a thermal power plant with a total capacity of 2×800 MW. Mahanadi Basin Power Ltd (MBPL), a subsidiary of MCL, will undertake this project.
The Cabinet Committee on Economic Affairs (CCEA) granted approval for these ventures. It marks a significant step in the development of these thermal power projects.
At 10:42 AM, Coal India stock price was trading at Rs 398.75 per share on NSE, up 4.04 percent.
“Coal India Limited the largest coal mining company in the world, will set up two Pithead Thermal Power Plants, through its subsidiaries, with a view to provide cheaper power to the country,” the CCEA said in a press release.
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