Coal India likely to decide on share buyback on November 11
PSU miner Coal India (CIL) is likely to decide on the buyback of shares in its board meeting on November 11, in view of its stocks under-performing for quite sometime. A company official said buyback will prevent the declining value of stocks, leading to improvement in earning per share. “If the company decides the buyback of shares on a higher value than the current market price, it will signal the company’s confidence in its business, thereby boosting investors sentiment.”
CIL shares recently registered their 52-week-low at Rs 109.50 per share, whereas the 52-week-high has been at Rs 215.85 per share. The company’s stock closed at Rs 121.75 on Monday.
