Shares of state-run Coal India Ltd (CIL) soared by over 11 per cent in early trade on the Bombay stock exchange (
BSE) on Monday as investors cheered its move to hike prices of its produce by about 15 per cent on average.
CIL had effected the price hike with the goal of achieving some parity between domestic and international prices.
Buoyed by the development, shares of CIL jumped by 11.15 per cent to touch a one-month high of Rs 324.45 apiece on the Bombay Stock Exchange.
In a similar manner, the scrip witnessed a 11.01 per cent surge to Rs 324.90 on the National Stock Exchange.
The price hike will help CIL partially mitigate its rising operating costs, including a huge outgo toward salaries for around 3.85 lakh employees.
Meanwhile, the BSE benchmark Sensex was trading 115.47 points higher at 17,816.38 at 0952 hours on Monday.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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