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Coal India drops after signing a 5-year wage pact

Capital Market 

Coal lost 0.88% to Rs 283 at 14:24 on after the company said it has signed a wage agreement for a period of 5 yrs with effect from 1 July 2016.

The announcement was made after market hours yesterday, 10 October 2017.

Meanwhile, the S&P Sensex was down 137.04 points or 0.43% at 31,787.37.

On the BSE, 4.77 lakh shares were traded on the counter so far as against the average daily volumes of 5.35 lakh shares in the past one quarter. The stock had hit a high of Rs 286.40 and a low of Rs 282.50 so far during the day. The stock had hit a 52-week high of Rs 337.30 on 10 November 2016 and a record low of Rs 234 on 11 August 2017.

The stock had outperformed the market over the past one month till 10 October 2017, advancing 12.2% compared with the Sensex's 0.75% rise. The stock had also outperformed the market over the past one quarter, gaining 10.15% as against the Sensex's 0.66% rise. The scrip had, however, underperformed the market over the past one year, sliding 10.59% as against the Sensex's 13.68% rise.

The large-cap company has equity capital of Rs 6207.41 crore. Face value per share is Rs 10.

Coal said that a memorandum of agreement for National Coal Wage Agreement-X has been signed on 10 October 2017 for a period of 5 years from 1 July 2016 to 30 June 2021. This agreement will impact 2.98 lakh coal workers and the total estimated average annual impact would be Rs 5667 crore.

Coal India's consolidated net profit fell 23.3% to Rs 2351.13 crore on 3.6% growth in net sales to Rs 18404.32 crore in Q1 June 2017 over Q1 June 2016.

Coal is an organized state owned coal mining corporate. The government of India held 78.86% stake in the company as per shareholding pattern as on 30 June 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 11 2017. 14:23 IST