During the first six months of the current financial year 2023-24 (April to September), the supply of coal to the power sector by government-owned Coal India increased by 3.4 percent, reaching 294.8 million tonnes. This supply volume exceeds the projected demand of 293 million tonnes for the same period. According to the Ministry of Coal's website, coal is the most crucial and abundant fossil fuel in India, meeting 55 percent of the country's energy requirements. Coal India's supplies surged to 360.7 million tonnes in the April-September period, compared to 332 million tonnes during the same period the previous year.

Due to the sustained high demand, Coal India has recently placed a substantial order with GOCL Corporation, an energetics and commercial explosives company, according to a regulatory filing on the BSE. The order is valued at Rs 766 crore and involves the supply of bulk explosives to Coal India, which was granted Maharatna status by the government in 2011. This order will be executed over a two-year period, from October 2023 to October 2025.

Coal is the primary source of electricity in India, with the government-run Coal India Limited responsible for over 80 percent of the country's coal production. Following the announcement of the Rs 766 crore order from Coal India, shares of GOCL Corp reached a new 52-week high on Friday, reaching Rs 622.95. In contrast, Coal India's shares closed at Rs 312.30.

These explosives are used at mining sites for blasting purposes, and GOCL Corporation also provides products for mining infrastructure projects. Coal India, operating under the Ministry of Coal, is India's largest coal-producing company and the world's largest coal miner.