Shares of state-run Coal India (CIL) surged by over 2% in morning trade on the bourses today as the company replaced Anil Dhirubhai Ambani Group firm Reliance Capital on the National Stock Exchange's benchmark index, the Nifty.
CIL replaces Reliance Capital in the NSE index of the country's 50 largest companies by market capitalisation with effect from today.
CIL opened on a bullish note on the Bombay Stock Exchange and then gained further momentum to an early high of Rs 344.45, a jump of over 2.13% vis-a-vis its previous closing price.
On the National Stock Exchange, the scrip rose to a high of Rs 344.40, up 2.02% from its last close.
However, some of the initial gains were pared in later morning trade and CIL was trading 1.20% higher at Rs 341.30 on the BSE and up 0.90% at Rs 340.60 on the NSE.
Over 2.38 lakh shares of the company changed hands on the BSE and more than 18.25 lakh shares were traded on the NSE in the morning session.
Earlier, in August, CIL had replaced another Anil Ambani Group firm, RInfra, in the BSE's Sensex index of blue-chips.
Shares of CIL have been doing well since the company was listed in November last year and it has become the country's third-most valued firm after Reliance Industries and ONGC.
