Coal India shares jump 4 per cent on Q4 earnings, price rise

Coal India shares jumped over 4 per cent in morning trade after it reported a 35 per cent increase in net profit for the fourth quarter ended March 31, 2013.

Investor sentiment was also buoyed by the company announcing an average 10 per cent increase in coal prices with effect from Tuesday.

The PSU has posted a consolidated net profit of Rs 5,413.9 crore for January-March quarter against Rs 4,013 crore in the corresponding quarter the previous year. The company's net sales during the quarter also went up to Rs 19,904 crore, from Rs 19,418 crore in the corresponding period of FY12.

Coal India also reported a surge in consolidated net profit for the entire 2012-13 financial year, at Rs 17,356 crore against Rs 14,788 crore in the 2011-12 financial year.

Shares of the company, after opening 4.5 per cent higher, were trading at Rs 323 at 11.54 am - up 3.32 per cent from their previous close.


With inputs from agencies