Coal India shares rise almost 5%

Tags: News
Coal India shares rose by almost 5 per cent today after the state-owned company scheduled a board meeting next week to consider payment of an interim dividend.

CIL's scrip gained 4.77 per cent to Rs 288.75 on the BSE after climbing as much as 5.87 per cent. The state-run miner's shares shot up 4.92 per cent to Rs 288.90 on the National Stock Exchange.

CIL was the top gainer among blue-chip shares on both the Sensex and Nifty indices.

"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 said in a filing to the BSE.

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

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

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

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

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

INTERVIEWS

William D. Green

Chairman & CEO, Accenture