Coal India hits record high
Capital Market / 12:44 , May 17, 2011
Coal India rose 3.25% at Rs. 400.40 at 12:41 IST on reports the company plans to pick 15% stake in US-based Peabody Energy's coal mining project in Australia.
On BSE, 10.57 lakh shares were traded in the counter as against an average daily volume of 9.54 lakh shares in the past one quarter.
The stock hit a high of Rs. 400.70 so far during the day, which is also its record high. The stock hit a low of Rs. 389.15 so far during the day. The stock had hit a record low of Rs. 287.45 on 4 November 2010.
The stock had outperformed the market over the past one month until 16 May 2011, gaining 8.80% compared with the Sensex's 5.37% fall. The scrip had also outperformed the market in past one quarter, spurting 28.88% as against 0.24% gain in the Sensex.
The large-cap state-run coal major has an equity capital of Rs. 6316.36 crore. Face value per share is Rs. 10.
Today's decent rally has helped Coal India in surpassing another state-run giant ONGC in terms of market capitalisation (m-cap). Coal India's current m-cap is Rs. 252907.05 crore while ONGC's m-cap is at Rs. 241007.87 crore.
According to reports, Coal India and Peabody Energy are mulling to form a joint venture company (JVC) for the latter's coal mining project at Wilkie Creek coal mine in Queensland, Australia. Coal India may reportedly pick up 15% stake while Peabody will have 85% holding in the JVC.
Apart from Peabody, Coal India is also reportedly negotiating with US firm Massey Energy and Indonesian Novem/Sinarma for a possible partnership on their respective mining projects in the US and Indonesia.
Coal India's net profit rose 24.24% to Rs. 4696.10 crore on 4% rise in net sales to Rs. 413.76 crore in the year ended March 2011 over the year ended March 2010.
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