Coal India gains on hike in prices
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Coal India was up 5% to Rs 296 on the BSE in early morning trade after the company raised prices by 6.29% across all its subsidiaries for both regulated and non-regulated sectors.
“The board has approved revision of coal prices w.e.f. 00:00 hours of May 30, 2016 appx. 6.29% increase over the current price. This will be applicable to all subsidiaries of Coal India and NEC for regulated and non-regulated sectors,” Coal India said in a statement.
Due to this revision, Coal India will earn approx. additional revenue of Rs 3,234 crore for the balance period of financial year 2016-17 i.e. from May 30, 2016 to March 31, 2017, it added.
The company said the board has also approved the differential price for non-regulated sector at a reduced rate of 20% over the price of regulated sector for G6 to G17 grades of coal for all subsidiaries of Coal India.
Meanwhile, Coal India reported a flat growth in consolidated net profit at Rs 4,248 crore for the quarter ended March 2016 (Q4FY16). It had profit of Rs 4,239 crore in a year ago quarter.
Net sales of the company declined marginally to Rs 20,759 crore in Q4FY16 from Rs 20,774 crore in the corresponding quarter of previous fiscal.
At 10:17 AM, the stock was up 4% at Rs 292 on the BSE compared to a marginal 0.06% rise in the S&P BSE Sensex. A combined 5.85 million shares changed hands on the counter on the BSE and NSE so far.
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