Coal India up 5% on hike in non-coking coal prices

The stock surges 5% to Rs 303 on BSE in early morning trade after the company said its board approved revision of non-coking coal prices with effective from Tuesday, January 9, 2018.

Coal India (CIL) surged 5% to Rs 303 on BSE in early morning trade after the company said its board approved revision of non-coking coal prices with effective from Tuesday, January 9, 2018.

“Due to this revision, CIL will earn approximately incremental revenue of Rs 19.56 billion for the balance period of financial year 2017-18,” the company said in a regulatory filing.

The projected annual incremental revenue would be Rs 64.21 billion. All add-ons viz for non-regulated sector, WCL, Rajmal etc would be as per the extant practice, it added.

The price revision will be applicable to all subsidiaries of CIL including North Eastern Coalfields (NEC) for regulated and non-regulated sectors, the company said.