CIL shares continue to rise for second day; up nearly 3%

Tags: News
Rising for the second straight session, Coal India shares rose by nearly 3 per cent today after the state-owned company scheduled a board meeting next week to consider payment of an interim dividend.

CIL's scrip ended at Rs 295.70, up 2.41 per cent after rising to Rs 297 during the day on the BSE.

At the NSE, the stock settled 2.79 per cent higher at Rs 296.85.

In the previous session, the stock had gained almost 5 per cent.

"A meeting of the board of directors will be held on January 14...To consider payment of interim dividend, if any, for the year 2013-14," Coal India had said in a BSE filing.

The record date for dividend payment has been fixed at January 20.

The Finance Ministry, seeking to meet its disinvestment target of Rs 40,000 crore for the current financial year, wants CIL to dole out a special dividend if the government's proposed stake sale does not take place.

The sale of a 5 per cent stake in CIL held by the government would fetch more than Rs 9,000 crore at the current market price.

"If CIL does not go for divestment, then they have to provide us a special dividend," Economic Affairs Secretary Arvind Mayaram told PTI in an interview.

In 2012-13, CIL had paid a total dividend of Rs 8,842.91 crore to the government, the highest ever in the history of the company.

EDITORIAL OF THE DAY

  • Saffronites need to build their own edifices and narratives

    The news that the BJP-led NDA government, no admirers of India’s first prime minister, want to give a ‘contemporary’ look to the capital’s mos

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

Capturing change

The pace of change in the world around us can ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture