Shares of Coal India surged as much as 7.7 per cent to ₹310 as CIL board has approved a hike in non-coking coal prices for both power and non-power consumers with immediate effect.
Due to this revision, the world’s largest coal miner will earn an incremental revenue of ₹1,956 crore for the remaining period of the 2017-18 fiscal year, while the total revenue will be ₹6,421 crore, the company said in a regulatory filing.
The price hike will be applicable to “all subsidiaries of Coal India, including NEC, for regulated and non-regulated sectors”, the filing said.
The stock posted biggest intraday percentage gain since February 2016. Over 16 million shares traded, more than four times the 30-day average of 4 million shares.