Shares of Coal India slipped over 2 per cent in Monday's trade after the company reported September quarter results largely in line with the expectations of the Street. The world's largest coal miner reported a 16 per cent year-on-year increase in net profit at Rs 2,543.80 crore against Rs 2,192.38 crore reported for the same quarter a year ago.

The scrip fell 3.16 per cent to hit a low of Rs 326.95 during morning trade.

Coal production during the second quarter of the financial year stood at 108.20 million tonne (MT) against 102.42 MT reported for the second quarter previous year, a statement released by the state miner on the BSE website said. "While production was slightly below our estimate at 108.2 million tonne for the quarter (against an estimate of 110.6 MT), offtake volume was marginally ahead of expectations at 121.8 million tonne (estimate 119.1 MT)," Angel Broking said in a note to investors.

Consolidated net sales of the company stood at Rs 16,957.59 crore during the quarter, registering an increase of eight per cent. "The increase in earnings was largely due to the higher production and better offtake during the period compared with the corresponding period of previous year," the miner said.

"E-auction realisations came in much lower than expected at Rs 1,788 crore. This was partially offset by better-than-expected washeries realisations of Rs 2,328 crore," the brokerage firm said. Angel Broking maintains a 'buy' rating on the stock with a target price of Rs 400.

Source :economictimes.indiatimes.com