Coal India Limited (CIL), the largest producer of coal in the world and a state-owned Maharatna company, has announced a 40% final dividend for the financial year 2022-23. The record date for the dividend has been set for Friday, 18th August 2023, subject to approval by the members in the Annual General Meeting (AGM) of the company.

In the fiscal year ended March 2023, Coal India declared an equity dividend of 242.50% at a face value of Rs 10 or Rs 24.25 per share. The dividend yield, based on the current share price of Rs. 231.35, stands at 10.49%. Over the past five years, the company has consistently maintained a strong track record of dividend declarations, issuing a total of 23 dividends since February 18, 2011.

In terms of financial performance, for the fourth quarter ending in March 2023, Coal India reported a consolidated net profit of Rs 5,528 crore, down 18% from the corresponding period in FY22. However, its revenue from operations saw a 17% year-on-year increase to Rs 38,152 crore in Q4 FY23. The total income for the quarter also rose by 17.08% from Rs 34,473.52 crore in Q4 FY22 to Rs 40,362.36 crore in Q4 FY23.

For the entire fiscal year 2022-2023, Coal India witnessed a remarkable 62% rise in profit after tax, reaching Rs 28,125 crore compared to Rs 17,378 crore in FY22. Net sales for the fiscal year amounted to Rs 1,27,627 crore, reflecting a 27% increase from Rs 1,00,563 crore in 12MFY22. Furthermore, the company's EBITDA surged by 49% in FY23, from Rs 26,974 crores in FY22 to Rs 40,291 crores.

As of Q1 FY24, the shareholding in Coal India comprised 63.13% by promoters, 9.30% by FIIs, 22.30% by DIIs, 0.10% by the Government, and 5.18% by the public.

Regarding the share price target, technical analyst Deven Mehata of Choice Broking suggests that COALINDIA has formed a strong support near 223.5 levels, and its stock is currently trading above its short-term and medium-term Exponential Moving Averages (EMAs). A resistance hurdle is visible near 237 levels, and once this is surpassed, the stock may move towards the higher level of 248. The momentum indicator RSI indicates strength, and the Bollinger band suggests a possible expansion leading to a higher stock movement. Investors and traders are advised to buy COALINDIA at the current market price of 231.5, with an option to add up to 227.5, setting a stop loss of 223.5, and targeting a price of 248.