Coal India has surged 7% to Rs 398 on reports that Prime Minister-elect Narendra Modi is exploring the possibility of breaking up the state behemoth and opening the sector to foreign investment to boost output and cut imports.
The stock opened at Rs 381 and hit a fresh 52-week high of Rs 400 on NSE. The stock had touched a record high of Rs 422 on May 2011. The counter has seen huge trading activity, with a combined 7.19 million shares changing hands so far on the NSE and BSE.
There is a possibility of converting various units of Coal India into independent companies, and making the respective state government equity holders to help speed land acquisition and other such processes, the Reuters report suggests.
The stock opened at Rs 381 and hit a fresh 52-week high of Rs 400 on NSE. The stock had touched a record high of Rs 422 on May 2011. The counter has seen huge trading activity, with a combined 7.19 million shares changing hands so far on the NSE and BSE.
There is a possibility of converting various units of Coal India into independent companies, and making the respective state government equity holders to help speed land acquisition and other such processes, the Reuters report suggests.
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