Bharat Coking Coal shares gain 4% after it commencing commercial operations of 2 MTPA coal washery

Shares of Bharat Coking Coal Ltd. (BCCL) gained on Wednesday, May 27, after the company has it has commenced the commercial operations of its 2 MTPA Bhojudih Coal Washery.The company said it started the operations at the unit from Tuesday, May 26.

It is a three-product medium coking coal washery with raw coal washing capacity of 20 lakh tonne per annum (2 MTPA), the company said.
The washery has been constructed under the build, operating and maintain model and is equipped with technologies such as heavy media cyclone, spiral concentrator and froth flotation for beneficiation of coking coal, it added.The washery will facilitate production of washed coking coal for supply to the steel sector, BCCL added.

Bharat Coking Coal reported its fourth quarter results last month where it reported a 15% decline in its topline and an EBITDA loss of ₹335 crore compared to a EBITDA profit of ₹62 crore last year.

Shares of Bharat Coking Coal are trading 3.2% higher on Wednesday after the announcement at ₹39.8. The stock is nearing its post-listing high of ₹45.09, which is nearly double from its issue price of ₹23 apiece.

Also Read: Transrail Lighting shares fall up to 7%, attempt recovery in reaction to Q4 results