Coal India surged 4.44% to Rs 287.85 at 13:48 IST on BSE after the company said its board will meet on 14 January 2014, to consider payment of interim dividend, if any, for the year ending 31 March 2014.
The company made the announcement during trading hours today, 8 January 2014.
Meanwhile, the S&P BSE Sensex was up 33.06 points or 0.16% at 20,726.30.
On BSE, so far 6.16 lakh shares were traded in the counter as against average daily volume of 2.59 lakh shares in the past one quarter.
The stock hit a high of Rs 291.80 and a low of Rs 277.05 so far during the day. The stock had hit a 52-week high of Rs 372.10 on 10 January 2013. The stock had hit a record low of Rs 238.35 on 30 August 2013.
The stock had underperformed the market over the past one month till 7 January 2014, declining 4.83% compared with the Sensex's 1.44% fall. The scrip had also underperformed the market in past one quarter, sliding 8.16% as against Sensex's 4.01% rise.
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The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.
The announcement sent the Coal India stock surging as the market has been abuzz with rumours that the government may force cash rich state-run firms to declare hefty interim dividend to enable the government to meet the fiscal deficit target for the current year.
Coal India has fixed 20 January 2014 as the record date for the purpose of payment of interim divided.
Coal India's consolidated net profit declined 0.8% to Rs 3052.36 crore on 5.8% growth in net sales to Rs 15411.49 crore in Q2 September 2013 over Q2 September 2012.
Coal India is the largest coal producer in the world.
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