Coal dispatch growth was sluggish at 1.5% YoY to 41.5mt in July and 2.6% YoY to ~174mt YTD, as against growth estimate of ~5% YoY (to 562mt) for FY17E. Production grew 5.5% YoY to 36.7mt in July and 3.8% YoY to ~162mt YTD. Dispatches from ECL jumped ~31% YoY following ~13% YoY growth in June as pricing of high-grade coal has become competitive, driven by (1) price cut w.e.f. May 31 and (2) an increase in global coal prices. WCL posted a decline of ~50% in dispatches. MCL dispatches increased ~13% YoY. MCL's share in Coal India's (COAL) total off-take increased from ~25% to...