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

  • Census shows urgent steps are needed to dispel rural despair

    The much delayed Socio-Economic and Caste Census, 2011, has finally seen the light of day, and going by its conclusions, it couldn’t have come a day

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

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture