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Coal India trades higher on the bourses

29 Dec 2011 Evaluate

Coal India is currently trading at Rs. 300.85, up by 1.80 points or 0.60% from its previous closing of Rs. 299.05 on the BSE.

The scrip opened at Rs. 298.70 and has touched a high and low of Rs. 301.95 and Rs. 298.25 respectively. So far 54,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 422.30 on 31-May-2011 and a 52 week low of Rs. 288.95 on 25-Feb-2011.

Last one week high and low of the scrip stood at Rs. 307.50 and Rs. 295.20 respectively. The current market cap of the company is Rs. 1,90,027.00 crore.

The promoters holding in the company stood at 90.00% while Institutions and Non-Institutions held 7.89% and 2.11% respectively.

The government's buy back proposal in PSUs to meet divestment target has not found favour with Coal India (CIL), as the company does not see any benefit to itself. Under the buy back mode, the government mulls to raise funds directly by selling its equity in the company to the PSU itself. In view of volatile stock market, the Department of Disinvestment (DoD) has mooted that proposal under which the government will raise funds by selling its equity back to the cash rich state-owned companies. The DoD is seeking the views of different ministries on the buy-back proposal.

At present, CIL has close to Rs 49,000 crore of cash reserves which, according to estimates, is likely to reach Rs 60,000 crore by March, 2012. Raising funds through the buy-back route is one the options being explored by the DoD to help the government achieve Rs 40,000 crore disinvestment target in the current fiscal. Out of the target of Rs 40,000 crore, the government has so far raised on Rs 1,145 crore in the current fiscal. Although the government prepared a long list of PSUs for disinvestment, they failed to hit the capital market in view of the volatile stock market condition. In order to pursue buy-back, the DoD has prepared a list of about two dozen PSUs having large surplus cash balance, which include CIL, Steel Authority of India, NMDC, Oil and Natural Gas Corp, NTPC, Oil India and MMTC.

Coal India Share Price

434.25 -19.95 (-4.39%)
10-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Coal India 434.25
NMDC 85.08
GMDC 602.70
Sandur Manganese 202.10
MOIL 305.65
View more..

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