Coal India surges on mulling 5-10% price hike

Coal India is currently trading at Rs. 380.05, up by 6.45 points or 1.73% from its previous closing of Rs. 373.60 on the BSE. The scrip opened at Rs. 372.80 and has touched a high and low of Rs. 381.90 and Rs. 370.75 respectively. So far 231344 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 417.00 on 26-May-2014 and a 52 week low of Rs. 215.47 on 30-Aug-2013. Last one week high and low of the scrip stood at Rs. 417.00 and Rs. 371.05 respectively. The current market cap of the company is Rs. 237747.96 crore. The promoters holding in the company stood at 89.65% while Institutions and Non-Institutions held 8.27% and 2.08% respectively. In a bid to offset higher cost, Coal India, the world’s largest coal miner by output is mulling 5-10% price hike. In this regard, the company will be discussing the issue with Ministry this week. Recently, the company reported provisional production of 37.51 million tonnes in April 2014, as against target of 37.61 million tonnes. The company’s total off-take for the month of April stood at 40.54 million tonnes as against a target of 45.17 million tonnes. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.