Coal India jumps on rise in production

Shares of Coal India have rallied more than 4.5% to Rs 405 on the Bombay Stock Exchange (BSE) after production of the company in May rose by about 13% as against the corresponding period previous year.

Also, the government has announced that it will be resuming coal block auctions by offering 10 mines with a total annual production of 13.14 million tonnes to cement, steel and aluminium companies and captive power producers. The ministry of coal will auction linkages to Coal India’s production for the span of five years.

The stock opened at Rs 391 on the BSE and touched a high of Rs 407. In the early morning trades, at 9:35AM, a combined total of 2,579,162 shares changed hands on the counter on the NSE and BSE.