Stocks

CIL hits life-time high on import plan reports

PTI Mumbai | Updated on April 27, 2011

Coal India scrip jumped by over 3 per cent on the bourses to touch a record high today amid media reports that the company has received proposals from several companies to get imported coal at a discounted price.

Following the reports, the scrip rose 3.32 per cent to touch a life-time high of Rs 375.90 on the Bombay Stock Exchange. Similarly on the National Stock Exchange, it touched a new high of Rs 377, up 3.44 per cent from the previous closing price of Rs 364.45.

According to reports, Coal India has received 27 proposals from 16 companies for getting imported coal at a discounted price.

The reports also quoted the CIL Chairman, Mr N.C. Jha, saying that the firm had sought proposals from companies which are interested in supplying coal on a 10-year term basis at a discount price to meet the production-demand gap in India.

He said the Request for Proposal (RFP) has been finalised. Further, CIL will send the RFP to each of these companies and they have been advised to give their proposals on the quality and quantity of coal to be supplied in three weeks. Once they reply, CIL will finalise the contracts.

Published on April 27, 2011

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