Coal India Posts Record Profit on Demand for Summer Reserves
Coal India’s shares have more than doubled in the past year on bumper earnings.
Photographer: Sanjit Das/BloombergCoal India Ltd. posted a record quarterly profit that beat estimates as buyers of the fossil fuel boosted stockpiles before the summer demand season.
Coal use in India, the world’s No. 3 polluter, is climbing as power consumption grows and Prime Minister Narendra Modi’s government prioritizes domestic fuel sources to bolster energy security. Plans to add 88 gigawatts of new power plants by 2032 will lift India’s current coal power capacity by more than a third.