Coal India Rallies Over 5% On Price Hike, Q4 Earnings

Coal India shares surged as much as five per cent to day's high of Rs 296 after the state-owned company hiked coal prices and reported better than expected Q4 results.

The coal miner raised coal prices by 6.3 per cent. The hike in coal prices will help the company earn additional revenue of Rs 3,234 crore in FY 2016-17, said Coal India in a BSE filling on Sunday.

Coal India's net profit rose to Rs 4,248 crore in the March quarter as compared to Rs 4,239 crore reported a year ago.

Coal India's revenue grew marginally to Rs 21,403 crore from Rs 21,340 reported a year ago.

Shares of Coal India ended at Rs 292, up 3.80 per cent, outperforming the broad market indicator, Sensex, which ended 0.27 per cent higher.