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Shares of Coal India rose to their highest in 10 months as CIL board has approved a hike in non-coking coal prices for both power and non-power consumers with immediate effect. The stock jumped as much as 7.7 per cent to Rs 310 after the announcement.
Due to this revision, the world’s largest coal miner will earn an incremental revenue of Rs 1,956 crore for the remaining period of the 2017-18 fiscal year, while the total revenue will be Rs 6,421 crore, the company said in a regulatory filing.
The price hike will be applicable to “all subsidiaries of Coal India, including NEC, for regulated and non-regulated sectors”, the filing said.
The stock posted biggest intraday percentage gain since February 2016. Over 16 million shares traded, more than four times the 30-day average of 4 million shares.
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