Coal India stock up 1% as govt nods 10% divestment

Shares Coal India today settled with gains of nearly 1 per cent after the government approved sale of 10 per cent in the state-owned firm.
The government today approved 10 per cent stake sale in state-owned Coal India, a move that could fetch around Rs 20,000 crore to the exchequer.
At the end of trading session the stock was quoted at Rs 334.95 on BSE, registering a rise of 0.83 per cent over its previous closing price. During the day, the stock touched an intra-day high of Rs 339.35 and a low of Rs 327.95.
Similar movement was seen on the NSE, where the stock closed at Rs 335.05, up 0.81 per cent. It touched an intra-day high of Rs 339.60 and a low of Rs 327.75.

On the volume front, 5.36 lakh shares got traded on BSE, while 69 lakh shares exchanged hands on the NSE.
At current market capitalisation, based on CIL stock price, 10 per cent stake sale could fetch about Rs 21,137.71 crore.
The government had earlier said that it may sell the stake in CIL in the current fiscal through a public offer. It holds 79.65 per cent in the company.
It has budgeted to raise Rs 69,500 crore through disinvestment in the current fiscal. Of this, Rs 41,000 crore is to come from minority stake sale in PSUs and the remaining Rs 28,500 crore from strategic stake sale.