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Coal India zooms by 11% on price hike

Coal India zooms by 11% on price hike
PTI
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First Published: Mon, Feb 28 2011. 09 39 AM IST
Updated: Mon, Feb 28 2011. 09 39 AM IST
Mumbai: Shares of state-run Coal India Ltd (CIL) soared by over 11% in early trade on the BSE on Monday as investors cheered its move to hike prices of its produce by about 15% on average.
CIL had effected the price hike with the goal of achieving some parity between domestic and international prices.
Buoyed by the development, shares of CIL jumped by 11.15% to touch a one-month high of Rs324.45 apiece on the Bombay Stock Exchange (BSE).
In a similar manner, the scrip witnessed a 11.01% surge to Rs324.90 on the National Stock Exchange (NSE).
The price hike will help CIL partially mitigate its rising operating costs, including a huge outgo toward salaries for around 3.85 lakh employees.
Meanwhile, the BSE benchmark Sensex was trading 115.47 points higher at 17,816.38 at 09:52 am on Monday.
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First Published: Mon, Feb 28 2011. 09 39 AM IST
More Topics: CIL | Coal India | Shares | Markets | Stock markets |