Shares of Coal India rose more than 1% on June 2, reacting to the company’s production and sales figures for May.

Production rose to 60 million tonnes in May 2023, up 9.5% or 5.2 tonnes from a year earlier. The surge in output witnessed by Coal India is significant considering that production in May generally hovered between 40-48 tonnes, the company said in an exchange filing.

All Coal India subsidiaries recorded positive growth, it added.

At 2:03 pm, the stock was trading at Rs 232.00, up 0.63%. As of June 2, 904,933 shares had changed hands, compared with its five-day average of 379,848 shares, an increase of 138%.

The coal major highlighted that a very high base supports Coal India’s volume and percentage growth in May 2023.

Meanwhile, production to May 2023 was 117.5 tonnes, an increase of 9.3 tonnes or 8.6% year-on-year. Production in May of the previous financial year was 108.2 tonnes.

Market participants said Coal India is widely favoured for its good dividend payout. The stock has a dividend yield of around 9-10%. That’s despite the stock’s performance being roughly flat over the past six months.

In December 2022, the stock was trading at Rs 231 and is currently trading at Rs 232.