Coal India gains after price rationalisation

Coal India rose 3.86% to Rs 325.60 at 9:20 IST on BSE after the company's board approved rationalisation of coal prices with effect from today, 28 May 2013.

The announcement was made after trading hours on Monday, 27 May 2013.

Meanwhile, the S&P BSE Sensex was up 64.58 points, or 0.32%, to 20,095.35.

On BSE, 1.06 lakh shares were traded in the counter as against an average daily volume of 2.41 lakh shares in the past one quarter.

The stock hit a high of Rs 329.30 and a low of Rs 323.80 so far during the day. The stock had hit a 52-week high of Rs 386 on 17 September 2012. The stock had hit a 52-week low of Rs 291.20 on 19 March 2013.

The stock had underperformed the market over the past one month till 27 May 2013, sliding 1.75% compared with the Sensex's 3.86% rise. The scrip had also underperformed the market in past one quarter, rising 0.59% as against Sensex's 4.59% rise.

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

Due to the price rationalisation, the company will get an additional annual revenue benefit of Rs 2511.58 crore, Coal India said in a filing to the BSE. It added that for the current fiscal year ending March 2014, the additional revenue gain would be Rs 2119.36 crore.

Coal India's consolidated net profit rose 34.9% to Rs 5413.91 crore on 2.5% increase in net sales to Rs 19904.57 crore in Q4 March 2013 over Q4 March 2011. The consolidated result was announced after trading hours on Monday, 27 May 2013.

Coal India is the largest coal producer in the world.

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