Coal India Gets 1-Day Strike Notice For November 26; Stock Up Nearly 1%

Coal India (CIL) said post market hours on Monday that it had received a notice, from four of its trade unions, for a one-day strike at the company and its subsidiaries on November 26. The shares of the state-owned company shrugged off the announcement, and at 11.15 am, were trading higher by 0.6 per cent at Rs 123.55 on the BSE. The shares have touched an intra-day high of Rs 125 and a low of Rs 123.15 thus far.

"Four trade unions of CIL have served one-day strike notice in CIL and its subsidiaries on 26.11.2020," Coal India said in a regulatory filing to the stock exchanges.

Coal India emphasized that efforts would be made to avert the strike and conciliatory process was in progress,  but did not divulge any further details.

On November 17, 10 central trade unions had said that they would go ahead with their planned nationwide general strike on November 26.

Coal India is the single largest producer of coal in the world. It operates 84 mines across eight states in the country.

Meanwhile, Coal India had said on November 23 that it would invest Rs 5,650 crore by March 2024 to build 14 solar projects to help power its mining operations and cut costs.

The BSE Sensex was at 44,434.47, higher by 348.71 points or 0.80 per and the NSE Nifty was at 13,023.25, up 96.85 points or 0.78 per cent at the time.