MUMBAI Nov 9 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 30.8 billion rupees ($565.1 million) from 25.9 billion a year earlier. Net sales rose 11 percent to 145.7 billion rupees.
Analysts on average had forecast a net profit of 32.2 billion rupees, according to a Reuters poll of brokerages.
Shares in Coal India, valued at $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. ($1 = 54.50 rupees) (Reporting by Prashant Mehra; Editing by Jijo Jacob)
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column