Coal India gains after declaring hefty interim dividend

Coal India rose 1.48% to Rs 330 at 09:19 IST on BSE, after the company's board of directors approved payment of interim dividend of Rs 27.40 per share for the year ending 31 March 2016.

The announcement was made on Saturday, 5 March 2016. The stock offers a dividend yield of 8.42% based on its closing price of Rs 325.20 on the BSE on Friday, 4 March 2016.

Meanwhile, the S&P BSE Sensex was up 31.41 points or 0.13% at 24,677.89

On BSE, so far 1.05 lakh shares were traded in the counter as against average daily volume of 2.66 lakh shares in the past one quarter. The stock hit a high of Rs 334 and a low of Rs 329.20 so far during the day. The stock had hit a 52-week low of Rs 286.90 on 21 January 2016. The stock had hit a record high of Rs 447.25 on 5 August 2015.

The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

Meanwhile, Prime Minister Narendra Modi on Friday, 4 March 2016, reviewed the progress of key infrastructure sectors including power, coal, housing, ports, and Digital India, a statement released by the government on Saturday, 5 March 2016 said. Coal India has achieved a 9.2% increase in production this year, as compared to an average of just 3% growth over the last 5 years, the government said in a statement.

Coal India's consolidated net profit rose 14% to Rs 3718.25 crore on 5.2% growth in total income to Rs 20987.07 crore in Q3 December 2015 over Q3 December 2014.

Coal India is an organized state-owned coal mining corporate. The Government of India held 79.65% stake in Coal India (as per the shareholding pattern as on 31 December 2015).

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