Coal India surges 5%, trades near 52-week high on price hike report
Shares of Coal India gained 5 per cent at Rs 161.90 on the BSE in the intra-day trade on Wednesday, having gained 9 per cent in the past three trading days, on report that the company might raise prices of the dry fuel by at least 10-11 per cent to mitigate the impact of increased costs and an impending wage revision.
The stock of the state-owned coal mining company was trading close to its 52-week high level of Rs 164.90, touched on June 11, 2021.
In the past one week, Coal India has outperformed the market by gaining 13 per cent as compared to a 6 per cent rise in the S&P BSE Sensex. An upward movement in stock price of Coal India has helped the company regain Rs 1-trillion market capitalisation today.
