Coal India is trading higher by 4.4% to Rs 300 on reports that the Cabinet has agreed to set up a coal regulator that will monitor the supply and pricing of the fuel.
Under the proposal, Coal India will have to adopt a formula for price fixing, based on the quality of the fuel, outlined by the regulator.
The regulator is also expected to oversee coal supplies from Coal India to consumers such as power producers. It could also independently monitor the progress made by state-run and private companies in extracting coal under government allocated mining licenses.
The proposal will ultimately need parliament's approval to become law.
The stock opened at Rs 290 and touched high of Rs 301 on NSE. A combined 1.03 million shares have changed hands on the counter so far on BSE and NSE.
Under the proposal, Coal India will have to adopt a formula for price fixing, based on the quality of the fuel, outlined by the regulator.
The regulator is also expected to oversee coal supplies from Coal India to consumers such as power producers. It could also independently monitor the progress made by state-run and private companies in extracting coal under government allocated mining licenses.
The proposal will ultimately need parliament's approval to become law.
The stock opened at Rs 290 and touched high of Rs 301 on NSE. A combined 1.03 million shares have changed hands on the counter so far on BSE and NSE.
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