Shares of Coal India (CIL) today ended nearly 6 per cent higher, adding Rs 10,056 crore to its market valuation, after the company said its board has approved a hike in non-coking coal prices for both power and non-power consumers with immediate effect.
The stock jumped 5.63 per cent to settle at Rs 304.05 on BSE. During the day, it soared 7.69 per cent to Rs 310.
On NSE, shares of the company surged 5.77 per cent to end at Rs 304.05.
Led by the sharp rise in the stock, the company's market valuation zoomed Rs 10,056.28 crore to Rs 1,88,736.28 crore.
The stock was the biggest gainer among the bluechips on both the key indices - Sensex and Nifty.
In terms of equity volume, 16.17 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.
Coal India sources indicated that the average price hike could be around 10 per cent.
Due to this revision, the world's largest coal miner will earn an incremental revenue of Rs 1,956 crore for the remaining period of 2017-18 fiscal while total revenue will be Rs 6,421 crore, the company said in a regulatory filing.
The miner was compelled to revise prices in the wake of rising costs which was a drag on its profitability for the last few quarters.
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