Coal India stock hits record high on bourses

Shares of Coal India jumped by over 3% 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 discounted prices.

Following the reports, the scrip rose by 3.32% to touch a lifetime high of Rs 375.90 on the Bombay Stock Exchange (BSE).

In a similar fashion, shares of the company touched a new high of Rs 377, up 3.44% from their previous closing price of Rs 364.45, on the National Stock Exchange.

According to reports, Coal India Limited (CIL) has received 27 proposals from 16 companies for getting imported coal at discounted prices.

The report also quoted CIL Chairman 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.

Now the Request for Proposal (RFP) has been finalised, he added. Further, he said that the company 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, the report added.

Meanwhile, the BSE benchmark index Sensex was trading at 19,512.42, down 32.93 points, in noon trade.