Coal India gains on encouraging production, sales in May

Shares of Coal India were up over 3% at Rs 307 on the Bombay Stock Exchange after the company announced encouraging production and sales numbers for May 2016.

Coal production by the company and its subsidiaries was 95% at 42.58 million tonne against a target of 44.64 million tonne, the company said in a release.

Sales for May 2016 was 89% at 45.53 million tonne against a target of 50.90 million tonne, the release added.

For April-May 2016 production was 93% at 82.93 million tonne against a target of 89.12 million tonne while sales were 86% at 88.23 million tonne against a target of 102.36 million tonne.

Further, the recent hike in coal prices by the company also aided sentiment.

The company recently raised prices by 6.29% across all its subsidiaries for both regulated and non-regulated sectors.

The stock opened at Rs 298 and touched a high of Rs 308. At 11:55am, over 5 million shares were traded on both the stock exchanges.